The State Bank of Pakistan has announced a 2% reduction in interest rates.
According to the statement of the State Bank, the State Bank has reduced the policy rate to 17.5 percent, earlier the policy rate was 19.5 percent.
According to the State Bank, the inflation rate has decreased rapidly in 2 months.
The statement said that the global prices of oil and food grains recorded a decline.
According to the State Bank, business confidence has improved, while foreign exchange reserves remained at $9.5 billion despite lower official foreign exchange inflows and debt repayments.
Prime Minister Shehbaz Sharif has also welcomed the percentage reduction in the policy rate.
The Prime Minister said that the reduction in the policy rate is welcome for the country’s economy, the reduction in the policy rate will increase the confidence of investors in the Pakistani economy and increase investment.
Prime Minister Shehbaz Sharif said interest rates have come down thanks to the rapidly falling inflation rate, hoping that inflation will come down further in the coming months.
The Prime Minister said that the efforts of the Finance Minister and related institutions regarding the recovery of the economy are commendable.
