The National Savings Organization has announced a reduction in profit rates for its various savings schemes, ranging from 0.03% to 1.22%.
The profit rate on the Sarwa Islamic Term Account has been reduced by 1.22% to 16.36%, while the profit rate on the Sarwa Islamic Savings Account has been lowered by 1% to 18%.
Similarly, the profit rate on Short Term Saving Certificates has decreased by 0.68% to 17.2%, and the profit rate on Special Saving Certificates and Special Saving Accounts has been reduced by 0.3% to 15.5%.
12 basis points have cut the profit rate on Regular Income Certificates to 14.52%. Experts suggest that this reduction in profit rates may indicate a further decline in interest rates in the upcoming monetary policy.
On Thursday, the State Bank of Pakistan slashed the key policy rate by 200bps to 17.5% from 19.5%, as inflation eased to the first single-digit figure in nearly three years.
As Per a statement released by the central bank, headline and core inflation fell sharply over the past two months.
