Karachi (Web Desk): The State Bank of Pakistan (SBP) on Thursday slashed the policy rate by another 100 basis points to bring it to 7 percent.
“State Bank of Pakistan's Monetary Policy Committee met today under the chairmanship of Governor, Dr. Reza Baqir, and decided to cut the policy rate by 100bps to 7%,” the central bank announced in a statement on Twitter.
State Bank of Pakistan's Monetary Policy Committee met today under the chairmanship of Governor, Dr. Reza Baqir, and decided to cut the policy rate by 100bps to 7%. For details: https://t.co/pQbIf5gCGj
— SBP (@StateBank_Pak) June 25, 2020
The rate cut is the fifth since the coronavirus pandemic hit the global economy, with the total reduction being 625 basis points.
