Abb Takk News

SBP keeps interest rate unchanged in new monitory policy

ISLAMABAD: State Bank of Pakistan decided to maintain interest rate at 5.75 percent in the new monitory policy.

A central bank statement announced the monetary policy for the next two months keeping the policy rate unchanged at 5.75 percent as announced in the previous monetary policy on July 30, 2016.

According to the SBP, business friendly environment help boost Pakistan’s economy and foreign exchange reserves reached to its highest level in the history. The statement said that stability witnessed in the market but increase in import and decrease in exports could lead to current account deficit.

Pakistan’s economy likely to rise as China-Pakistan Economic Corridor projects were being expedited and demand of construction material and power generation will be increased. SBP said that better law and order situation, low interest rate, raw material low import prices and power abundant will attract foreign investment.