2024-04-29 13:51:34
(Ashraf Khan) State Bank of Pakistan has announced the monetary policy.
According to the statement issued by the State Bank, it has been decided to maintain the interest rate at 22 percent.
The statement said that economic stabilization measures have significantly improved both inflation and the external position, a moderate economic recovery is underway, inflation remains high, global commodity prices are at their lowest levels with resilient global growth. have arrived
The State Bank said that the target is to reduce inflation to 5-7% by September 2025, stressing the continuation of the current monetary policy stance to reduce inflation.
The statement added that economic activities are recovering at a moderate pace, there has been a strong recovery in the agriculture sector, a current account surplus was recorded in March 2024. Consumer inflation expectations rose slightly in April 2024, helping to stabilize the bank’s foreign exchange reserves.
Real GDP growth is estimated to be between 2 and 3 percent, the central bank said in a statement, with the agriculture sector growing at a robust 6.8 percent in the first half of FY24, rice, cotton, maize. And wheat production is expected to rise significantly, however, manufacturing of large-scale goods in the industrial sector fell by 0.5 percent in July-February, compared with a contraction of 4.0 percent in the same period last year.
In the declaration, it is said that the continuous growth in exports continues, rice exports are ahead, while imports have decreased, domestic agricultural production has improved and economic activities have remained moderate, the foreign exchange reserves of the State Bank are also about 8.0 billion dollars. Stay intact.
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2024-04-29 13:51:34