SBP ready to support the faltering markets against Covid-19

March 16, 2020 (MLN): The State Bank of Pakistan has said that it is willing to take all measures to support the financial markets against all the economic adversities created by the Covid-19 pandemic.

According to a report by Bloomberg, the pandemic which has created an uproar in economies across the globe, has not even spared Pakistan from its wrath. For the uninitiated, the equity market in Pakistan have taken a massive hit and has been on a declining trend ever since the news of the virus broke out.

However, the Governor of the Central Bank of Pakistan, Raza Baqir has said that: “The current market volatility in Pakistan is externally driven and the strengthening in the fundamentals of Pakistan’s economy that drove the improvement in Pakistan markets before the outbreak of coronavirus remains intact”.

“The central bank is monitoring the situation closely and remains ready to take any actions needed to address disorderly market conditions”, he added.

It is worthwhile to mention that the Central Bank took its first move against the faltering economy on Friday, wherein helped the Pakistani Rupee gain 0.1% following a four-day decline.

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