SBP reduced interest rate to 11% as coronavirus hit global economy so hard

KARACHI/ISLAMABAD: On Wednesday, it was announced by the State Bank of Pakistan that another cut was taken place in the interest rate, this time it was reduced by 1.5% to 11% saying that the  ‘coronavirus hit global economy so hard.”

It was said in a press release that the objective of the move was to provide the businesses and exporters who seeks loans frequently from commercial banks to run their businesses.

Global economy has been hit so hard by the coronavirus, with the global causing many businesses in which restaurants, airlines, manufacturing businesses and hotels to record losses in billions, it further added.

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