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business
Monday May 04 2020
By
Web Desk

SBP to not issue fresh notes for Eid-ul-Fitr

By
Web Desk
APP/Files

The State Bank of Pakistan on Monday announced that it would not issue fresh notes for Eid-ul-Fitr in its bid to stem the spread of the coronavirus pandemic.

SBP/Handout

SBP, in a statement said: "As you are aware the bank's management has taken multiple precautionary measures to ensure social distancing and mitigate the spread of COVID-19."

"Accordingly, the Bank's COVID-19 committee chaired by DG (Banking & FMRM) in its meeting held on April 29, 2020 has decided NOT to issue fresh notes to general public and employee and Its subsidiaries on occasion of Eid-ul-Fltr 2020."

"All Chief Managers are advised to disseminate these instructions to all concerned officials for information and meticulous compliance," the statement added.

SBP slashes interest rate to 9%

Last month, the SBP, to provide relief to various sectors of the country hit hardest by the coronavirus had slashed the interest rate from 11% to 9% as a measure to provide relief to businesses taking a hit from the coronavirus.

The decision had been announced in a Monetary Policy Statement issued by the central bank in which it stated that the decision had been taken as the "global and domestic outlook has further deteriorated" due to the coronavirus pandemic.

In line with other measures to combat the adverse effects incurred by the pandemic on the economy and business-related activities, the central bank had also announced the provision of loans at concessionary rates for companies to be able to pay their employees' salaries during a lockdown imposed to contain the coronavirus pandemic back in April.

In a statement, the central bank had said companies could borrow an amount equal to the sum of their employees' remuneration for the months of April, May, and June at a lowered interest rate in order to ensure that people were paid during the lockdown and the economic impact from COVID-19 crisis could be controlled.