Pakistan's central bank slashed the benchmark interest rates to a 42-year low of seven percent, hoping to stimulate growth in the long dormant economy. Ashraf Mahamood Wathra, the Governor of the State Bank of Pakistan yesterday told a press conference in Islamabad that the apex bank is cutting the monetary policy rates by 100 basis points, aiming at boosting investment in the country. Pakistan's GDP is estimated to have grown 4.2 percent in the current fiscal year ending June 30, slightly higher than four percent last year.