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.”

1/ 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.

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— SBP (@StateBank_Pak) March 24, 2020

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

#SBP has introduced several policy measures to protect the safety of public & address the potential #economic impact amid #COVID19 outbreak in #Pakistan. For quick & easy access to this info, SBP has created a dedicated page. To learn more visit: https://www.bolnews.com/latest/2020/03/state-bank-cuts-interest-rate-by-1-5-taking-to-to-11/amp/ pic.twitter.com/6YiXwmE6az

— SBP (@StateBank_Pak) March 24, 2020

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