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SBP cuts policy rate by 200bps to 9pc

The State Bank of Pakistan (SBP) on Thursday decided to cut the policy rate by a further 200 basis points to 9 percent, reported Radio Pakistan.
According to the statement issued by the central bank, the decision has been taken in light of this reduction in growth and inflation expectations in the country.
The Monetary Policy Committee is of the view that this action would mitigate the impact of the Coronavirus shock on growth and employment, including by easing borrowing costs and the debt service burden of households and firms, while also maintaining financial stability.
It said that it would also help ensure that economic activity is better placed to recover when the pandemic subsides.

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