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State Bank of Pakistan cuts interest rate by 1.5%, taking to 11%


Web DeskWeb Editor

24th March, 2020
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State Bank moratorium on consumer loans’ principle

The State Bank of Pakistan (SBP) on Tuesday reduced the interest rate  by 1.5%, taking it to 11%, in order to facilitate businesses and  exporters and those who are looking for loans from banks to run business operations.

“The global economy has been hit hard by the coronavirus, with the pandemic causing several businesses, including restaurants, hotels, airlines and manufacturing businesses to record losses in billions,” the SBP press release reads

SBP tweeted: “MPC has decided to cut the policy rate by a further 150 basis points to 11 percent.”

“It noted considerable uncertainty about how the Coronavirus outbreak would impact the global economy and Pakistan,” it added.

Earlier, State bank of Pakistan said it has introduced several policy measures to protect the people given the potential economic impact amid the Coronavirus outbreak.

State Bank of Pakistan has also created a dedicated page on its official website for future updates

 

Coronavirus Updates: Latest News Updates in Pakistan and Around the World 24 March

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