SBP Increased Interest Rate from 8.75 % to 9.75%
The State Bank of Pakistan (SBP) increased its fiscal policy price by 100 basis points on Tuesday, increasing the interest rate from 8.75% to 9.95%, according to the latest news sources. This appears to be the third time the policy rate has increased due to the shifting dollar exchange rate and the rising current account deficit (CAD).
The Monetary Policy Committee reached the determination to increase the policy rate (MPC). The hike in interest rates was announced via the SBP’s official Twitter account. In addition, the bank stated that the reduction in the policy rate will help sustain economic growth and reduce inflation. It is predicted that the monetary policy will not be revised in the foreseeable future following the recent increase.
The SBP Governor, Dr. Reza Baqir, stated that the hike was expected; nonetheless, the government expects to retain the interest rate at the upcoming MPC meeting at the end of January 2022. In addition, according to the press release, the SBP forecasts that inflation will continue between 9 and 11 percent for the remainder of the year. Comparatively, GDP growth is predicted to range from 4 to 5 percent.
Market observers believe that the interest rate will continue to grow due to the appreciation of the CAD and the foreign market scenario.
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