Interest rate cut by 25 basis points at 5.75%

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KARACHI, May 21 (APP): State Bank of Pakistan (SBP) on Saturday announced to reduce its policy (interest) rate by 25 basis points from 6.0 percent to 5.75 percent.

In its monetary policy statement unveiled here, SBP said towards the end of fiscal year 2015-16, macroeconomic conditions continued to improve.

Headline CPI inflation, despite its continuous increase on year-on-year (YoY) basis, would remain below its 2015-16 annual average target of 6 percent.