KARACHI: The State Bank of Pakistan (SBP) will announce its monetary policy today in which the policy rate for the next two months will be decided.
In this regard, the SBP’s Monetary Policy Committee will meet today in Karachi to decide the country’s monetary policy. Reportedly, the current interest rate on the policy is 7 percent.
Following the committee meeting, Governor SBP Raza Baqir will hold a press conference at 5 pm. The SBP has cut interest rates by 625 basis points from March to June, however, now the base rate is likely to be maintained.
According to experts, the SBP has cut interest rates by 625 basis points from March to June, but now the base rate is likely to be maintained.
A few months ago, the SBP successfully made foreign debt repayment of over $1 billion on the maturity of Sukuk. In December 2019, the foreign exchange reserves surpassed the $10-billion mark owing to inflows from multilateral lenders including $1.3 billion from the ADB.
Foreign investment of over $3 billion in the debt market in the current fiscal year also played an important role in the growing foreign currency reserves.
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