State Bank of Pakistan expected to cut interest rate in upcoming monetary policy
The State Bank of Pakistan (SBP)
announced it will release the country’s next monetary policy on Monday,
November 4, 2024. In a statement, the SBP noted that its Monetary Policy
Committee (MPC) will meet on this date to assess economic and financial
conditions, including sectoral data and recent developments, and issue the
Monetary Policy Statement later that day.
In the previous policy update on
September 12, the SBP reduced the interest rate by 200 basis points, bringing
it down to 17.5%. Analysts anticipate a further easing of 150-200 basis points
due to lower inflation expectations.
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The SBP reported that inflation fell
to a single-digit rate of 9.64% in August, continuing a downward trend. The
bank also projected economic growth for the current fiscal year to be around
3.5%.
Source: ARY News