Karachi: The State Bank of Pakistan (SBP) on Monday decreased interests rates by one percent.
After reduction, the interest rates decreased to 19. 5 percent.
The governor SBP Jamil Ahmed has announced the monitory policy while he said that that inflation gradually is on decline in the country.
Jamil Ahmed said that the country’s foreign reserved are also improved.
He optimistically said that the country’s economy is heading towards betterment.
The SBP in its statement said that the Monetary Policy Committee (MPC) decided to reduce the policy rate by 100 bps to 19.5 percent at its meeting held today.
The MPC noted that the June 2024 inflation was slightly better than anticipated.
Moreover, the external account continued to improve, as reflected by the build-up in SBP’s FX reserves despite substantial repayments of debt and other obligations.
The Committee assessed that, despite today’s decision, the monetary policy stance remains adequately tight to guide inflation towards the medium-term target of 5 – 7 percent.
