State Bank of Pakistan (SBP) raises interest rates by 0.25%

The State Bank of Pakistan (SBP) has announced a monetary policy for the next two months under which the interest rate has been fixed at 7.25 per cent after an increase of 0.25 per cent.

According to reports and findings, the Monetary Policy Committee (MPC) sat for a meeting under the chairmanship of Governor SBP, Raza Baqir, in which a decision was taken regarding interest rates. Earlier, interest rates were expected to be kept at 7 per cent, with 50 per cent of experts believing that the SBP could keep interest rates at 7 per cent, but 50 per cent believed it was possible to raise interest rates. This is due to rising inflation.

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Although inflation has declined year-on-year since June, rising demand pressures and higher imported inflation may be reflected in inflation data later this fiscal year. With more and more evidence that the latest wave of COVID in Pakistan is still under control, continued progress in vaccination and the government’s comprehensive management of the pandemic, the economic recovery now seems less vulnerable to pandemic-related.

Therefore, in this more mature stage of recovery, MPC believes that more attention needs to be paid to ensuring an appropriate policy mix to protect the sustainability of growth, anchor inflation expectations, and slow the growth of the current account deficit.

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Looking ahead, the path of domestic demand and administered prices, particularly fuel and electricity, as well as global commodity prices, will have a large impact on the inflation outlook. The MPC will continue to closely monitor developments affecting medium-term inflation, financial stability, and growth prospects and will be ready to respond appropriately.

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