SBP keeps policy rate unchanged at 5.75pc

KARACHI: Pakistan's central bank kept its key policy rate unchanged at 5.75 percent on Saturday, citing steady remittances and low oil prices.

State Bank of Pakistan Governor Ashrah Mahmood Wathra also told a news conference that foreign direct investment is projected to increase as work on projects under the $46 billion China Pakistan Economic Corridor (CPEC) gains momentum.

Pakistani's USD250 billion economy is growing at the fastest pace in eight years, but it has struggled to attract large-scale investment and is counting on planned CPEC roads, a deep-water port and several energy projects for a boost.

Wathra also said he expected the newly consolidated Pakistan Stock Exchange to attract new inflows in the wake of its reclassification from a frontier to an emerging market.