State Bank Pakistan Governor Mr. Tariq Bajwa today announced the decision of Monetary Policy Committee.
SBP’s Monetary Policy Committee decided to raise the interest rates to 6%.
The last time SBP raised rates was in November, 2013 when it raised rates from 9.5% to 10.00%. This is the first time SBP has raised rates since Policy Rate was introduced in May, 2015.
Mr. Tariq Bajwa while addressing the conference mentioned the key trends in economy durnig the 1st half year of fiscal year 2018:-
- Inflation during the last few months remained well within the targets
- Exports have risen significantly
- Imports increases have strained the fiscal resources
- GDP Growth for the year projected at 5.5%
- Rising oil prices in the future will have a significant impact on the inflation in the coming months
- Yearly average inflation to remain well below the 6% target
- Credit off-take lowered than expected because of delay in Sugar crushing