Karachi: The State Bank of Pakistan (SBP) is expected to announce its monetary policy on May 15; following the meeting of its Monetary Policy Committee on Friday, according to news sources.
The financial sector, highly interested in SBP’s coming monetary policy, expects additional reduction in the interest rate for loans. Previously, the central bank slashed the interest rate policy from 13.2% to 9% in March amid the ongoing coronavirus lockdown in the country.
Meanwhile, the finance sector maintains that reducing the cost of lending is essential for the country’s economic revival and expressed concern over the halt of trading and industrial activities ensued by the COVID-19 pandemic.
The SBP has already introduced several refinancing and risk-mitigating schemes for small and medium scale businesses (SMEs). Furthermore, the central bank has also instructed banks to prevent large scale layoffs to save the millions of jobs at risk.
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