Pakistan holds rates despite high inflation
Reserves resume fall as balance of payments crisis continues
The State Bank of Pakistan (SBP) held its policy rate at 21% on June 12, despite galloping inflation and an ongoing balance of payments crisis, exacerbated by political turmoil.
In its policy statement, the monetary policy committee said it believes inflation peaked in May, at a headline figure of 38% year on year. The MPC also “noted a sequential ease in inflation expectations of both consumers and businesses from their recent peaks”.
The SBP has tripled its policy rate in the past two years
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on Monetary policy decisions
BoJ holds policy rate
Central bank highlights need to monitor US economic developments and domestic data
BoE keeps policy rate and pace of QT unchanged
Policy-makers back “gradual approach” to lowering interest rates
Banxico cuts rates by 25bp in split decision
MPC says core inflation has been gradually falling, despite rise in headline figure
Uzbekistan reduces policy rate by 50bp
Central bank delivers first cut since May 2023
Bank Indonesia holds policy rate
Central bank is focused on rupiah stability and attracting foreign capital in the short term
Malaysian central bank holds policy rate
BNM expects higher inflation later this year as government phases out fuel subsidies
Bank of Korea holds rate but signals possibility of future easing
Governor Rhee Chang-yong says the board can consider rate cut at “appropriate time” in the future
PBoC holds key lending rates
Market-based lending rates remain unchanged as economic data remains mixed