State Bank Announces Monetary Policy, Interest Rate Maintained At 22 Percent – Business & Economy

The State Bank of Pakistan has announced the monetary policy, according to the central bank, it has been decided to maintain the interest rate at 22 percent. The eyes of all stakeholders and analysts were fixed on this decision.

A meeting of the Monetary Policy Committee was held in State Bank under the chairmanship of Governor Central Bank Jameel Ahmed in which the economic indicators were reviewed.

According to the State Bank, the monthly inflation rate was 20.7 percent in March 2024, and Pakistan’s current account was in surplus at $609 million, while remittances increased by 9.3 percent to $21 billion in July-March.

The SBP last hiked the monetary policy rate last June, in the six huddles since then the SBP has kept the policy rate unchanged, with the rate remaining at a record high of 22 percent.

Analysts had expected interest rates to fall by up to one percent in view of the fall in inflation.

A report by brokerage house Arif Habib Ltd (AHL) cited split poll results that suggested 52 percent of respondents expected ‘no change’ in the upcoming announcement, while the remaining 48 The percentage is decreasing.