Wednesday September 08 , 2010
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SBP

State Bank of Pakistan

Governor Salim Raza's Speach & 100 Basis Points Cut...

SBP

Pakistan's central bank (SBP) governor Mr. Salim Raza announced a change in the interest rate structure, introducing a "corridor" for money market overnight repo rates, with effect from August 17.

The State Bank of Pakistan (SBP) cut on Saturday its discount rate, its key policy rate, by 100 basis points to 13 percent, Governor Salim Raza said.

"In recognition of the positive macroeconomic developments and to provide impetus for growth, while remaining entirely aware and not underestimating risks and challenges, the state bank has decided to cut the policy rate by 100 basis points," Raza told a briefing.

The frequency of monetary policy announcements would be increased from 4 to 6 times a year and would be made in the last week of September, November, January, March, May and July, he said.

 

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