Pakistan’s central bank cuts main policy rate by 100 bps to 7% – ZAWYA

Pakistan’s central bank cuts main policy rate by 100 bps to 7% – ZAWYA

Pakistan's central bank cuts main policy rate by 100 bps to 7% | ZAWYA MENA Edition HomeEconomyGlobalArticlePakistan's central bank cuts main policy rate by 100 bps to 7% The rate cut is the fifth since the coronavirus pandemic hit the global economy    A trader counts Pakistani rupee notes at a currency exchange booth in Peshawar, Pakistan December 3, 2018. Image used for illustrative purpose.KARACHI, Pakistan - Pakistan's central bank cut its main interest rate by 100 basis points to 7%, the bank said in a statement on Thursday, in an unannounced move marking the country's fifth cut since the coronavirus began to spread through the country in March.The South Asian nation's economy has reeled under the effects of the pandemic, with economic activity coming to a grinding halt, prompting the central bank to cut rates by 625 basis points from a rate of 13.25% three months ago."This decision reflected the Monetary Policy Committee's view that the inflation outlook has improved further, while the domestic economic slowdown continues and downside risks to growth have increased," the statement from the State Bank of Pakistan (SBP) said.The South Asian nation's economy has reeled under the effects of the pandemic, with economic activity coming