Islamabad: The State Bank of Pakistan (SBP) has announced its decision to keep the policy rate unchanged at 15%, as per a press release issued on October 10.
The said decision was taken by the Monetary Policy Committee (MPC), which cited that existing monetary policy rate strikes ‘an appropriate balance between managing inflation and maintaining growth’ in the aftermath of the floods.
It was also highlighted that the MPC has observed a decline in headline inflation and the current account deficit (CAD) and a deceleration in economic activity since its last meeting. The central bank also stated that there are alterations in the macroeconomic outlook owing to the recent floods, and a detailed impact assessment of the situation was underway.
Moreover, SBP stated that as per the currently available information, a 2% decline in growth from the previous forecast of 3-4% is expected in the fiscal year (FY) 2022-23.
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