Saturday, September 30, 2023

State Bank announces monetary policy, interest rate unchanged at 22%

Karachi: The State Bank has announced a new monetary policy, the interest rate has been maintained at 22 percent.

State Bank decided to maintain the interest rate in the Monetary Policy Committee meeting, traders and industrialists were expecting the State Bank to cut the interest rate while economic analysts believed that the interest rate may be increased or maintained at the current level. Is.

While holding a press conference in Karachi, State Bank Governor Jameel Ahmed said that it has been decided to maintain the interest rate at 22 percent, the inflation rate is expected to be 20 to 22 percent in the next financial year, and inflation has decreased significantly.

Governor State Bank has said that according to our estimates, inflation will be 29 percent this fiscal year, our target is to bring inflation to 5 to 7 percent, the inflation target will be achieved by fiscal year 2025, next year growth will be 2 to 3 percent. will be up to percent.

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He has further said that all import restrictions have been removed from June 23, 2023, the foreign exchange reserves have reached 8.2 billion dollars, due to government measures, the current account has improved, further improvement in the foreign exchange reserves by December. will come

State Bank Governor Jameel Ahmad has said that we want stability in GDP growth, we paid foreign loans of 1 billion 80 million dollars in July, we need permanent and solid economic development.

He said that the economic development in the future depends on the domestic and international conditions, we are taking measures at the monetary level for economic development, the economic growth may be low but it will be solid and permanent, after reviewing the economic data, the interest rate will be maintained. It was decided to keep.

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Governor State Bank said that the IMF did not say to increase the rate, the IMF said that the policy rate should be fixed according to the economic situation. However, inter-bank and open market dollar differentials are being closely monitored due to conditions being followed by the IMF.

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