SBP Reduces Policy Rate by 75 Basis Points to 12.50 Percent
By MG News | March 17, 2020 at 05:36 PM GMT+05:00
March 17, 2020( MLN): The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) in its meeting held on March 17, 2020 in Karachi, has decided to reduce the Policy Rate by 75 Basis Points to 12.5 percent.
The SBP released a video statement by Governor SBP explaining the decision, along with additional measures to support the economy.
The market expectation was that the Central Bank would make interest rates more accomodative.
Furthermore, the SBP announced, that It has also been decided to make the interest rate corridor symmetric around the policy rate. Accordingly, SBP Overnight Reverse Repo (Ceiling) rate will be at 13.50% i.e. 100 bps above the SBP Policy Rate. The SBP Overnight Repo (Floor) rate will be at 11.50% i.e.100 bps below the SBP Policy Rate.
The new policy rate will be applicable from March 18, 2020.
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