Pakistan cuts rates by 100 basis points
Decision comes after country secures IMF funding amid falling oil prices
Pakistan’s central bank today (July 29) announced it would cut its key interest rate by 100 basis points to 19.5%, after the country secured a loan to help boost its flagging economy.
The decision, which will be effective from July 30, is the second consecutive rate cut. In June, the State Bank of Pakistan (SBP) cut the policy rate for the first time in five years by 150bp to 20.5%.
Earlier this month, Pakistan sealed a $7 billion loan from the International Monetary Fund (IMF). The funding, which
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