SBP Governor Ashraf Mahmood Wathra announced the first monetary policy of the fiscal year 2015-15. Addressing a press conference at the central bank’s head office, he said that conditions at the beginning of current financial year are certainly better than a year ago.
The monetary policy announced every two month. It is the interest rate at which commercial banks are allowed to borrow from the central bank’s discount window.
In recent months the rupee has remained stable as Pakistan has rebuilt its foreign exchange reserves following the successful sale of a $2 billion Eurobond, an auction of 3G and 4G phone licences, and an injection of cash from bilateral and multilateral lenders.
