SBP announces new financial policy, interest rate downed

The State Bank of Pakistan has softened its Monitory Policy and decreased interest ratio by one percent. The interest rate has decreased to 13 percent from the earlier 14 percent after the announcement. Addressing a press conference in Karachi State Bank Governor Syed Saleem Raza said that the number of decisions regarding financial policy was being increased from four to six. He said that detailed financial policy would be announced in January and July. He said that an independent financial policy committee comprising on SBP board and experts was being formed. He said that collective economic factors were improved after the continuous implementation of economic stability program which decreased the inflation. State Bank Governor said that the assets of the bank had reached at US$9.10 billion. He said that inter-bank market was functioning properly, adding that banking system could finance on falling rates.