KARACHI: The State Bank of Pakistan (SBP) Saturday announced the new monetary policy, maintaining the interest rate to the current level of 12.5 percent.
Announcing the fourth monetary policy, Governor SBP Salim Raza said inflation rate was reduced at 10.3 percent during the first quarter of current fiscal year.
He said inflationary pressure is there due to the increase in commodity prices in international market.
Raza further said inflation rate is expected to remain 11 to 12 percent this year. While last year, it remained 21 percent.
He termed production of wheat and cotton 'satisfactory', saying gradual improvement is witnessed in exports.
Shortage of agricultural water is affecting the production, he added.
He further said country's forex reserves will stay at $15 billion.
Raza pointed out that a decline of $2 billion was witnessed in current account deficit and it is expected to remain 3.4 percent during the current year.
He also expects to get $1.5 billion from Friends of Pakistan.
Central bank's governor said improving global economy will be in favor of Pakistan.
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