Tag: Interest rate
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Euro drops to two-decade low against the US dollar
As the Federal Reserve implemented yet another aggressive interest rate hike in reaction to out-of-control inflation on Wednesday, the US dollar soared to a level that is almost 20 years higher against the euro. Only a few months after the euro was become the sole legal money of the 12 member states of the European…
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SBP shortens car loan tenure to deflate import bill
The State Bank of Pakistan (SBP) decreased the consumer lending duration for vehicles on May 24, bringing it to a maximum of three years for cars with engine displacements greater than 1,000cc and five years for those with engine displacements less than 1,000cc. “The maximum tenure of auto finance facility is reduced from five (5) years…
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SBP hikes interest rate by 150 basis points to control inflation
The State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) approved a 150 basis point increase in the benchmark interest rate, pushing it to 13.75 per cent to control inflation. It is worth noting that this is the maximum level of interest rate since 2011 when it was 14 per cent. The central bank mentioned in…