KARACHI – From 9.5 per cent to 8.5 per cent, the State Bank of Pakistan (SBP) has cut the policy rate by 100 basis points, the lowest interest rate in the last seven years as per the SBP chief.
The rate cut will be effective from Monday, January 26. SBP Governor Ashraf Mahmood Wathra announced Monetary Policy Statement (MPS) for next two months here at a press conference on Saturday.
The SBP governor said that the decision was taken during a meeting of the Central Board of Directors of SBP held under his chairmanship.
Earlier, addressing a press conference on Saturday, Finance Minister Ishaq Dar broke the “good news” that the discount rate has been but by 1 percentage point. Dar also took into account the formation of a judicial commission, as requested by the Pakistan Tehreek-e-Insaf (PTI) to investigate into their rigging allgeations.
