Banking & Finance

SBP cuts interest rates by 150 basis points in face of coronavirus

News Desk

Karachi:State Bank of Pakistan (SBP) on Tuesday reducing the interest rate by 150 basis points to 11 percent.

Earlier, SBP had reduced interest rate by 75 basis points to 12.50 percent.

To combat COVID-19 SBP has also introduced Temporary Economic Refinance Facility (TERF) amount to Rs100 billion.

The decision reflected the MPC’s view that the outlook for inflation has improved in light of the recent deceleration in domestic food prices, significant decline in consumer price expectations, sharp fall in global oil prices, and slowdown in external and domestic demand due to the Coronavirus pandemic.

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