State Bank Pakistan (SBP) has decided to cut its policy rate by 200bps as per the decision taken in the MPC meeting on Thursday 12 September 2024.
The cut in policy rate was being eagerly awaited by stakeholders due to the following positive news on the economic front:
- Stable USD / PKR exchange rate
- Increase in remittances of Pakistani expats.
- Fall in internationl oil prices. Current rate is 70 USD / barrel.
- Stable current account deficit.
- Fall in inflation numbers.
This cut bodes well for the Pakistani financial markets as well as for businesses overall.
You can read the complete statement of SBP Monetary Policy Committee here
State Bank Pakistan decreases interest rate by 200bps today