KARACHI: State Bank of Pakistan (SBP) on Thursday slashed the benchmark interest rate by 200 basic points to 9 per cent in a bid to help businesses to cope with the growing challenges posed by the coronavirus pandemic.
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The decision was taken following a meeting of the Monetary Policy Committee (MPC) on March 24 which noted the worsening outlook for global and domestic economic activity in the wake of the Corona pandemic.
Given the unfolding situation, the MPC noted that it “remains ready to take whatever further actions become necessary in response to the evolving economic impact of the Coronavirus.
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