The State Bank of Pakistan has slashed the country's policy rate by 200 points to nine per cent after an emergency meeting of the monetary policy committee (MPC).

The committee noted the impact of the coronavirus pandemic on the global economy, which it said "is expected to enter into the sharpest downturn since the Great Depression".

"The MPC was of the view that this action would cushion the impact of the Coronavirus shock on growth and employment, including by easing borrowing costs and the debt service burden of households and firms, while also maintaining financial stability," the press statement read.

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