Karachi: State Bank of Pakistan (SBP) has slashed discount rate by 150 bps to 10.5 percent for the period of two months— a very surprising and welcome decision for industrialists and business community.
The cut in policy rate was announced by Yaseen Anwar, Governor State Bank of Pakistan (SBP) on Friday.
The decision was taken in the light of controlled inflation that came to settle down at 9.6% in July whereas the incentive aimed to be given private sector to enhance investment for sustainable economic growth.
The reduction in interest rate is likely to stimulus the economy of the country as credit to private sector is expected to increase to grow the business activities in the country.
The role of central bank is not to control finance of the country but it also invigorates the economic activity in the country, Anwar added.
The receipts of $1.118 billion from US have given cushion to current account, on the other hand, remittance played a vital role in the stability of external account.
The inflows of foreign exchange will contain the position of current account deficit in the coming months, he added.
Dear TNT Reader,
At The News Tribe, our mission is to bring you free, independent, and unbiased news and content that keeps you informed and empowered. We are committed to upholding the highest standards of journalism, as we understand that we are a platform for truth.
Apart from independent global news coverage, we also commit our unique focus on the Muslim world. In an age marked by the troubling rise of Islamophobia and widespread misrepresentation of Muslims in Western media, we strive to provide accurate and fair coverage.
But to continue doing so, we need your support. Even a small donation of 1$ can make a big difference. Your contribution will help us maintain the quality of our news and counteract the negative narratives that are so prevalent.
Please consider donating today to ensure we can keep delivering the news that matters. Together, we can make a positive impact on the world, and work towards a more inclusive, informed global society.
Donate Monthly Subscription Annual Subscription