The State Bank of Pakistan (SBP) has decided to maintain its benchmark interest rate at 22 percent. The Monetary Policy Committee (MPC) made the announcement after noting higher than anticipated inflation due to a gas price hike. However, the MPC also considered offsetting factors such as a recent decrease in international oil prices and improved agricultural output. – Khabristan.PK
KARACHI: The State Bank of Pakistan (SBP) on Tuesday decided to maintain its benchmark interest rate unchanged at 22 percent, ARY News reported, citing a statement by central bank.
KARACHI: The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) has decided to keep the policy rate unchanged at 22 percent.
1/4 The Monetary Policy Committee (MPC) decided to maintain the policy rate at 22 percent in its meeting today. See https://t.co/hmLGPgsZq3#SBPMonetaryPolicy pic.twitter.com/GLMsRZbEXM
— SBP (@StateBank_Pak) December 12, 2023
The announcement came after a meeting of the bank’s Monetary Policy Committee (MPC) today.
“MPC noted that Nov-23 inflation was higher than expected mainly due to gas price hike. While it may have implications for near-term inflation outlook, there are some offsetting developments that include recent decrease in international oil prices & better agriculture output,” the SBP statement noted.
The MPC said that This decision also takes into account the elevated level of core inflation which is moderating at a gtadual pace.
MPC assessed that real interest rate is positive on 12-month forward-looking basis and headline inflation is expected to decline significantly in the second half of FY24.
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