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Friday, March 29, 2024
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Interest rate to remain unchanged at seven percent, announces SBP

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KARACHI: The State Bank of Pakistan (SBP) on Friday announced that the monetary policy committee (MPC) has decided against changing the interest rate from seven percent for the next two months, ARY NEWS reported.

“The interest rate will remain unchanged at seven percent for the next two months,” the SBP announcement read.


The central bank further said that the rate of inflation would remain between seven to nine percent during the ongoing fiscal year. “Most of the economic indicators are getting improved,” it said adding that large-scale manufacturing has also witnessed positive growth.

The SBP further said that the MPC viewed recent inflation uptick as primarily driven by supply-side factors and saw little signs of demand-led inflation.


“As the temporary increase in inflation from administered prices subsides, inflation should fall to the 5-7 percent target range over the medium-term,” it said.

Read More: Monetary policy: SBP leaves interest rate unchanged at 7%

It further said that in absence of unforeseen developments, the MPC expects monetary policy settings to remain broadly unchanged in the near term.

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