The State Bank of Pakistan has announced

The State Bank of Pakistan has announced

The State Bank of Pakistan has announced a 2% reduction in interest rates due to the adverse effects of the Corona virus on the Pakistani economy, with the rate rising to 9%. At the Monetary Policy Committee meeting held on March 24 last month, the serious impact of the Corona virus outbreak on the global and local economy was reviewed and it was decided that the Corona cause could be changed at any given moment in time. Feasible measures will be taken to keep the economy afloat to prevent the serious effects of the virus
The meeting said that the economy is at risk of shrinking by another 1.5 per cent in FY 2020 followed by 2 per cent improvement in FY 2021, while inflation is likely to be 11-12 per cent while next year it is likely to decline by 7-9 per cenT.