Bloomberg News

Pakistan Central Bank Cuts Key Rate to 13.50% From 14.00%

July 30, 2011

July 30 (Bloomberg) -- Pakistan’s central bank unexpectedly cut interest rates, almost three weeks after its governor resigned blaming state spending for price pressures in a nation with the second-fastest inflation in Asia.

The State Bank of Pakistan reduced the discount rate to 13.5 percent from 14 percent, Acting Governor Yaseen Anwar said at a news conference in Karachi today. All 11 economists in a Bloomberg News survey predicted the rate would stay unchanged.

To contact the reporter on this story: Farhan Sharif in Karachi at fsharif2@bloomberg.net

To contact the editor responsible for this story: Naween Mangi at nmangi1@bloomberg.net


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