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SBP cuts discount rate to 7pc to spur growth

Current account deficit narrows down, GDP estimated at 4.2pc nTrade, industry welcome bold decision

Mian Arshad/Amanullah Khan

Islamabad/Karachi—The State Bank of Pakistan Saturday laid the foundation for implementing growth-oriented economic policies by cutting key interest rate to a 42-year record low of 7%. The new rates will be effective from tomorrow (Monday). Governor SBP Ashraf Mahmood Wathra made an announcement in this regard at a press conference after Board of Directors’ meeting, saying that given the macroeconomic conditions, the SBP Board of Directors reduced the policy rate by 100 basis points (1%) to 7%, which was the lowest rate in last 42 years.

Parrikar’s statement proves India involved in terrorism in Pakistan: Aziz

Kaswar Klasra

Islamabad—Pakistan on Saturday expressed serious concern over the statement made by Indian Defense Minister Manohar Parrikar that India will use terrorism to counter terrorism from other countries. Reacting to statement uttered by none other than Indian Defense Minister, Mr. Sartaj Aziz, Adviser to the Prime Minister on National Security and Foreign Affairs, expressed his concern over the statement that India will use terrorism to counter terrorism from other countries.

FBI, Interpol being contacted for assistance in Axact probe: Nisar

Investigation of fake degrees scam to be transparent; Initial inquiry to complete in 7 days

Sarwar Awan

Islamabad—Interior Ministry Chaudhry Nisar Ali Khan has said that in the next two days his ministry will be contacting US agency Federal Bureau of Intelligence and Interpol for assistance in the Axact scandal. Ch Nisar, addressing media after a high-level meeting to discuss the Axact scandal, said he understood the media’s interest in the case and stressed that the inquiry would be transparent. “No pressure will be tolerated,” Nisar said in reference to the ongoing investigation.

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