Pakistan's central bank cut its key policy rate by 200 basis points to 13% on Monday, it said in a statement, its fifth straight reduction since June as the country keeps up efforts to revive a sluggish economy with inflation easing.

Pakistan cut its benchmark interest rate for the fifth straight meeting as easing inflation provides room for the central bank to boost growth.

Pakistan's central bank on Monday further reduced the key policy rate by 200 basis points (bps) to 13 per cent from 15 per cent amid improvement in inflation.