Karachi: The State Bank of Pakistan on Wednesday announced to retain interests rate at 11 percent for next three months.
Announcing monetary policy at the SBP headquarter in Karachi Governor SBP Jamil Ahmed following the Monetary Policy Committee (MPC) meeting.
Jamil Ahmed said that inflation started to increase from April this year.The Governor SBP said that the inflation increased in June and July.
He apprised that foreign reserves uptick by 14 billion dollars adding that the foreign reserved improved despite foreign payments.
The governor noted that inflation may rise moderately in the coming months due to continued pressures on energy prices.
On the external front, he said Pakistan’s exports have grown by 4%, adding that a rise in exports is essential to maintain current account stability.
The governor also confirmed a significant increase in worker remittances, which rose by $8 billion and contributed to keeping the current account in surplus.
The SBP held rates in June after a 100-basis-points cut in May that resumed easing following a March pause.
Since June 2024, it has lowered its policy rate by 1,100 basis points from a record 22% as price pressures receded.
