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Tuesday Jul 16 2019
By
Web Desk

SBP announces monetary policy, increases interest rate to 13.25%

By
Web Desk

KARACHI: Governor State Bank of Pakistan (SBP) Raza Baqir on Tuesday announced the monetary policy.

The policy rate was raised by 100 basis points to 13.25%. 

The move follows this month’s accord with the International Monetary Fund over a $6 billion loan package that comes with tough conditions aimed at cutting Pakistan’s substantial fiscal and current account deficits and bolstering its shrinking currency reserves.

In May, the central bank had raised its key interest rate by 150 basis points to 12.25%, citing continuing inflationary pressure, a high fiscal deficit and recent exchange rate depreciation. 

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