What's the latest profit rate on national saving schemes?

Downward revision in line with the with current economic strategies and market conditions
An undated image of Pakistani currency places on a table. — Depositphotos
An undated image of Pakistani currency places on a table. — Depositphotos 

With immediate effect, the government has slashed profit rates for various National Savings Schemes in line with current economic strategies and market conditions.

The Central Directorate of National Savings (CDNS) has cut rates for Saving Account (SA) and Sarwa Islamic Savings Account (SISA) by 150 basis points (bps) to 19% from 20.5%.

Short Term Saving Certificates (STSC) now offer a return of 17.9%, down by 134bps. Meanwhile, profit rates on all other National Saving Schemes were kept unchanged.

It should be noted that the downward revision followed a recent decision by the Monetary Policy Committee of the State Bank of Pakistan (SBP), which reduced the key policy rate by 100bps to 19.5%.