Bloomberg News

Pakistan Reduces Interest Rates as Terrorism Hobbles Expansion

October 08, 2011

Oct. 8 (Bloomberg) -- Pakistan’s central bank cut interest rates for a second straight meeting to spur investment after terrorism and floods weakened economic growth.

The State Bank of Pakistan lowered the discount rate to 12 percent from 13.5 percent, Syed Wasimuddin, a central bank spokesman, said in Karachi today. Three of five economists in a Bloomberg News survey predicted a percentage point cut while the rest forecast a reduction of half a point.

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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