SBP cuts interest rate by 0.5% in new Monetary Policy

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KARACHI: State Bank of Pakistan (SBP) has announce its new Monetary Policy with a 0.5% decrease in the interest rates. With this reduction, the interest rate reduced from10% to 9.5%.  The new Monetary Policy was announced by Governor State Bank, Yaseen Anwar.

The central bank slashed the discount rate by cumulative 200 basis points to 10 percent since August on deceleration in inflation rate and to spur economic growth.

On the otherside, Private business owners, and industrialists termed the strict monetary policy of State Bank as the biggest hurdle in growth of their business entities.

They said that, electricity, gas and petroleum crisis had piled up to their miseries and many of their business units has been shut down during last two years.