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SBP announces new monetary policy, cuts interest rate

The State Bank of Pakistan (SBP) in the monetary policy for the next two months, has fixed the interest at 5.75 percent.

Central bank revises benchmark interest rate regularly to ensure price stability and to help government achieve economic growth targets.

SBP in a statement released today said in the current fiscal year positive factors are expected to yield an overall surplus in the balance of payments with SBP’s foreign exchange reserves estimated to increase to over 4 months of imports, up from around 3 months at the end of FY 2015.

The bank further said that foreign direct investment is projected to increase as the work on projects under China Pakistan Economic Corridor have gained momentum.

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