As per the official data released by the State Bank of Pakistan, the monetary policy for the next two months will be announced very soon.
Due to the coronavirus outbreak, central banks of various countries have reduced their interest rates to increase growth in the wake of a global slowdown. Speaking to the media, Chief Investment Strategist Dr. Salman Ahmed said, “The central bank should reduce the interest rate significantly, as the policy that we have implemented in December is not relevant anymore.”
Due to fright selling, global stocks have plunged. Pakistan Stock Exchange (PSX) plummeted to record worst-ever single-day decline due to panic selling in all sectors by local and foreign investors on fears over coronavirus spread.
The KSE-100 Index closed at 33,684.91 points, with a worst-ever single-day decline of 2,375.97 points or 6.59 percent.