The State Bank of Pakistan (SBP) announced a sharp cut of two points of its interest rate on Thursday amid the ongoing pandemic crisis after meeting with Monetary Policy Committee (MPC).

This slashing interest cut action took the policy rate down to 9%, in return to single digit terrain for the first time since that significant fall. It was given a forecast of slowdown in economic and development growth and rising inflation.

slashing the policy rate by another 200 basis points to 9% given a forecast of slowdown in economic growth and rising inflation, as well as deteriorating conditions.

State Bank of Pakistan said the move reduces progressive real interest rates and is ready to take whatsoever further actions become necessary in response to the growing economic impact of the Coronavirus and the emergency times we are passing through.

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