State Bank of Pakistan has announced monetary policy for the next two months.
In a tweet on the social networking site Twitter, the State Bank of Pakistan wrote that the interest rate has been increased by 25 basis points, after which the basic interest rate has been increased from 7% to 7.25 points.
It may be recalled that on July 28, 2021, the SBP had announced to keep the interest rate at 7%. Governor SBP Raza Baqir said in a press conference that the policy rate has been kept stable for the fifth consecutive time. Inflation has declined by 2%.
Inflation was 8.9 percent in June and the economic figures are better even during the Corona epidemic and lockdown. The current account deficit is trading at 8 1.8 billion.
He said that due to timely and better decisions, the economy is showing stability and the inflation rate has come down from 9.7 per cent to 8.7 per cent. Instead of increasing the current account deficit, the industry will benefit from not raising the surplus discount rate. Exports grew by 13.7% and are expected to grow further.
The Governor SBP said that the current account deficit is at its lowest level in 10 years. The policy rate is currently lower than the inflation rate. The dollar has fluctuated. The exchange rate is almost the same as two years ago and today.
