State Bank of Pakistan Increased the policy interest rate by 0.25% from 7% to 7.25%. The Monetary Policy Committee decided on this to dampen the rise in the current account deficit and inflation. The 7% rate had been maintained for 14 months to support the economic growth.
The MPC reviewed the economic indicators, the situation and the desired goal, and then decided to increase the rate slightly. The MPC was of the view that this monetary policy is still supportive of growth – the situation will be monitored and calibrated as and when necessary.
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