State Bank unveils emergency 150bps rate cut

SBP has slashed interest rate by 150bps to 11 %— its biggest rate cut in over 7 years — in an out-of-cycle emergency meeting, and pledged more support in future for the financial markets as part of aggressive measures to cushion the already flagging economy from the coronavirus fallout. This brings the cumulative easing over the past one week to 225 basis points.