The monetary policy was announced, the interest rate remained at 22 percent
The State Bank of Pakistan (SBP) has announced its monetary policy. The central bank decided to keep the interest rate at 22 percent.
While giving a press conference in Karachi, the Governor of the State Bank Jameel Ahmed said that foreign exchange reserves reached 8.3 billion dollars, the situation in the external account has improved.
Jameel Ahmad said the current account deficit will be 17 billion dollars by 2022.
He said that inflation pressure still remains, the impact of energy prices on inflation is important.
The Governor State Bank said that the interest rate will remain at 22 percent, the interest rate will be reviewed again in March.
He said that inflation is 23 to 25 percent this fiscal year while the GDP rate this fiscal year is 2 to 3 percent. Due to the development of industry and agriculture, the GDP will improve.
Jameel Ahmed said that large scale manufacturing has increased. There is a reduction of 400 billion rupees in circulating notes.
The governor of the State Bank said that after March, the inflation rate will decrease, the decrease in inflation in the coming months due to the strict interest rate policy, there is a possibility that the price of oil and commodities will be lower in the global that market.
He said that our monetary policy trend will remain strict, we will not be able to determine the level of monetary policy from the IMF.
Jameel Ahmed said that our monthly imports have increased by about 800 million dollars, the real import demand has been met.