State Bank of Pakistan slashes interest rate by 2%

According to details, on January 28 this year, the Governor of the State Bank of Pakistan, Baqir Raza, announced a rate hike of 13.25 percent, after which investors appealed to the government to reduce interest rates.

Meanwhile, the SBP had announced a 0.75 percent reduction in interest rates on March 17 when the nation’s economy suffered due to the Coronavirus. After that, the interest rate was 12.50%.

Exactly one week later, the SBP once again reduced interest rates by 1.5 percent, and on March 24, the interest rate reached 11 percent.

State Bank of Pakistan has announced a monetary policy, reducing interest rates once again in less than a month by two percent, after which it has dropped to single-digit 9 percent.

It should be noted that political and business leaders, including President of PML-N, Mian Muhammad Shahbaz Sharif, and Pakistan People’s Party Chairman Bilawal Bhutto Zardari, have often been appealing to the government to reduce interest rates so that there is more business running.

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