SBP has unexpectedly cut interest rates by a further 200bps to 9% for the 3rd time in less than four weeks to counter economic fallout from the coronavirus pandemic and also endorsed IMF’s projection of 1.5% negative growth for FY20. The action was taken to cushion the impact of the coronavirus shock on growth and employment, including by easing borrowing costs and the debt service burden of households and firms, while also maintaining financial stability.
17/4/2020