KARACHI (Staff Report) – The State Bank of Pakistan has announced the new monetary policy for the next two months, a statement said on Saturday.

The State Bank announced a reduction in the interest rate further by 50 basis points.

The central bank reduced interest rate by 0.5 percent and brought it down to six percent.

The statement further added the major industries in country are growing at rate of 3.3% and that inflation rate is also expected to decrease in coming months.

During the month of August inflation rate remained 3.6% whereas it was recorded to be 8.4% last August.