SBP cuts policy rate by 50 basis points
Acting Governor SBP Anwar Yasin announcement of financial police for the next two months here said that the energy crisis and poor law and order situation has seriously affected the growth and feared that the state budget deficit could climb to 6.2 percent for the previous financial year.
He added that government debt is a problem only for 2011 but it is a basic problem, while the tax to GDP is currently at 8.6 percent, to regret, was at a very low level.
Acting Governor of the Central Bank, said more exports and remittances helped make international payments and trade deficit remained up to 0.8 percent.
He said that foreign exchange reserves held by SBP has surged to Rs14.8 billion while the value of the rupee slid 0.5 percent in the last fiscal year.
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