State Bank of Pakistan (SBP) on Saturday cut the interest rate by 1.5 basis point as it unveiled monetary policy for the next two months. This cut is for second straight meeting, seeking to revive growth in an economy battered by terrorism and floods. SBP lowered the discount rate to 12.00 percent from 13.5. The rate cut is expected to help shore up growth prospects in an economy thats seen growing less than half the pace of fellow South Asian nations India, Bangladesh & Sri Lanka this year. The momentary policy was announced by Acting Governor Yaseen Anwar here at the head office of SBP.