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  • SBP keeps interest rate unchanged at 22%

    SBP keeps interest rate unchanged at 22% File Photo SBP keeps interest rate unchanged at 22%

    The State Bank of Pakistan (SBP) on Tuesday decided to maintain its benchmark interest rate unchanged at 22 percent.

    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 gradual 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.