(MENAFN) Pakistan's central bank slashed interest rates to a 42-year low of 7 percent, hoping to stimulate growth in the long dormant economy, the Peninsula Qatar reported.
"The State Bank (of Pakistan) is cutting the monetary policy rates by 100 basis points, aiming at boosting investment in the country," the central bank goveror said.
Pakistan is trying to reboot its economy as key indicators became favourable at home, with the added support from depressed petroleum prices in the global market.
Standard and Poor's early this month revised Pakistan's credit rating outlook from stable to positive and forecast higher GDP growth for 2015 to 2017, amid a stint of economic reforms.
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