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SBP holds key interest rate at 13.25pc

SBP holds key interest rate at 13.25pc

KARACHI: State Bank of Pakistan (SBP) in its monetary policy has decided to leave the policy rate unchanged at 13.25 percent.

According to SBP, the decision reflects the Monetary Policy Committee s view that recent developments have had offsetting implications for the inflation outlook.

The bank last lifted rates in July by 100 basis points, raising the interest rate to 13.25 percent, its ninth cut since the start of 2018, as it faced rising inflation, a substantial current account deficit and downward pressure on the rupee currency.

The decision comes at a time of scrutiny for Pakistan’s economy by the International Monetary Fund, which is reviewing progress on reforms agreed as part of bailout package in July.