Pakistan Stock Exchange chief urges SBP to cut interest rates

Pakistan Stock Exchange CEO Farrukh H Khan has urged the State Bank of Pakistan to lower the interest rates, saying that the country needs an economic overhaul.

Khan said the country needs a vaccine to run the economy. He
was speaking to the media in Karachi.

The PSX CEO said inflation has been reduced, which gives room to the central bank to cut the interest rates. Pakistan currently has 13.25% interest rate, the highest in the region.

“We need an overhaul keeping in view the contemporary
circumstances,” he said. “The world is planning and doing the rate cuts.”

Khan was of the view that the central bank has the capacity
to bring down the benchmark interest numbers. He said it would give space to
businesses for expansion.

Of the market performance, the PSX CEO said that global
markets were hit by the widespread coronavirus which badly reflected on the
manufacturing and oil sectors.

The drop in oil prices has caused the markets to tank, he
added.

Article source: https://www.samaa.tv/news/2020/03/pakistan-stock-exchange-chief-urges-sbp-to-cut-interest-rates/