State Bank of Pakistan has reduced the interest rate by 2 percent.
The State Bank has announced a monetary policy in which the interest rate has been reduced by 200 basis points. The interest rate has been reduced from 19.5% to 17.5%, the interest rate has been fixed for the next 2 months.
The State Bank says that during the last 2 months, the inflation has decreased rapidly, there has been a favorable change in the global prices of oil and food, and the global prices of oil have decreased rapidly.
State Bank’s foreign exchange reserves are around $9.5 billion, FBR’s tax collection during July-August was recorded below the target.
Sales of cement and petroleum products increased by 8.5% and 6.8% respectively in August, remittances increased in July 2024, current account deficit was limited to 0.2 billion dollars.
