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State Bank cuts key policy rate to 10.5 per cent

State Bank cuts key policy rate to 10.5 per cent.

State Bank cuts key policy rate to 10.5 per cent

ISLAMABAD: Pakistan’s central bank on Friday cut its key policy rate by 150 basis points to 10.5 per cent, the bank governor, Yaseen Anwar, said.

The State Bank of Pakistan (SBP) last changed rates when it made a 150 basis point cut on Oct 8, 2011, bringing the benchmark rate to 12 per cent.

Increased remittances from overseas Pakistani workers and reimbursements from the United States for Pakistan’s assistance in the war against militancy had helped the country’s foreign exchange reserves, the governor said.

“However, concerted efforts to bridge the gap between revenues and expenditures through structural reforms are necessary to bring monetary stability and economic growth on a sustainable basis,” Anwar said.-- Reuters

updated 9 months, 18 days ago

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