KARACHI – The State Bank of Pakistan on Saturday announced the new monetary policy for the next two months keeping interest rate at an all-time low level.
The central bank reduced interest rate by one percent and brought it down to seven percent. Despite a significant cut in interest rates during the current fiscal year, there has been no increase in loan acquisition by the private sector.
On the other hand, government borrowing from the commercial banks has amounted to over one trillion rupees in eight months.
Excerpts from the statement by the State Bank of Pakistan, say that key macroeconomic indicators have improved further since the last monetary policy decision. The inflation rate has also decreased by 2.1 percent in the month of April this year.
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