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State Bank to announce new Monetary Policy today

KARACHI: State Bank of Pakistan (SBP) will announce its bi-monthly monetary policy today to announce the discount rate for next two months, ARY News reported on Saturday.

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The central bank is expected to keep the discount rate same for the next two months, most of analysts predict. The monetary policy rate currently stands at 10 percent.

It is the interest rate at which commercial banks are allowed to borrow from the central bank’s discount window.

The business bodies and chambers of commerce are pressing the central bank for cut in the interest rate in view of gradual improvement in the economy suggested by the economic indicators. However, analysts predict an unchanged interest rate in the new monetary policy due to inflationary tendencies.

Inflation rate in June was recorded at 8.2 percent but skyrocketing prices of food items in Ramazan likely to push the rate high in July, analysts said.

 

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