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KARACHI: The State Bank of Pakistan Friday
announced measures that would pump Rs260 to 270 billion in
the banking system.
Governor SBP Dr. Shamshad Akhtar announced this here at an
emergency press conference.
She said the Cash Reserve Requirement (CRR) is being reduced
200 basis points which as a result will inject Rs60 billion
liquidity in the banking system and the step will be effective
from tomorrow. The CRR will be brought down from 9 percent
to 5 percent by November 15, she added.
She also announced that time deposits of 1 year and above
are being exempted from Statutory Liquidity Requirement (SLR).
These steps will bring a total liquidity of Rs130 billion
in the banking system.
Governor SBP said the central bank is working round the clock
to pull the country out of the prevailing economic crisis.—Agencies |
