KARACHI (92 News) – The State Bank of Pakistan has reduced the interest rate by 150 basis points, bringing it to 11 percent from 12.50 percent.
The SBP spokesman said that the interest rate had been reduced keeping in view the current economic situation of the country.
He said that the policy rate has been reduced by 2.25 percent in a week.
“Globally the coronavirus has severely increased, causing major disruptions to economic activity and the IMF has also significantly downgraded its global growth outlook for 2020 from 3.3 percent growth previously to below zero. These global developments have also led to a sharp fall in international trade. This is expected to lead to noticeable slowdown in the domestic demand,” he added.
The SBP spokesman said that the SBP is in the process of taking necessary regulatory measures in coordination with banks to address pressures on cash flows of borrowers affected by coronavirus related disruptions through facilitating deferment and restructuring of their loans.
“The announcement of these measures is expected soon and will complement the action being taken by the MPC on interest rates today,” he added.
About 92 News HD Live Main TV Channel of Pakistan:
92 News (also known as 92 News HD Plus (Channel 92) is a conservative Urdu language TV channel based in Lahore, Pakistan.
Mian Muhammad Hanif is the chairman of the channel.
This TV channel is a subsidiary of Madinah Group under Galaxy Media Group.
The channel's name, 92, is to celebrate the 1992 Cricket World Cup won by Pakistan. The number 92 is also the telephone country calling code of Pakistan, which is another major reason behind the channel's name.
92 News HD is Pakistan’s first HD Plus News Channel. Aims to bring credible & responsible News & important stories from Pakistan & around the World
We bring you Latest Pakistani and International News at 92 News Hd Plus to Read and Watch
We believe in genuine and true journalism, we do not prevail sensation just for ratings.
We do not hide news but never tend to add any unethical content or angling that goes against the norms of our religion Islam and Pakistan's culture.
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