SBP cuts interest rates by 1.5%

Karachi: State Bank of Pakistan has slashed the interest rates by 1.5 percent bringing it down to 10.5%.
Governor State Bank of Pakistan Yasin Anwar addressing a news conference in Karachi Friday said that national economy was still facing difficulties and energy crisis was the major reason of the economic problems.

Anwar said country was facing the problem of balance of payments.
He said in fiscal year 2012-13 the inflation rate will be 10 to 11 percent. He admitted that growth rate will remain less than the target in fiscal year 2013.

State Bank Governor said demand of loan in the private sector has been limited.Even the loans taken by private sector were mostly by non-banking financial services.Anwar said government debts were a major concern of the economy had promised to reduce its loan but it didn t which is in fact a violation of State Bank rules.

Governor State Bank of Pakistan Yasin Anwar has said Pak economy under multiple pressures.