Pakistan State Bank Cut Policy Rate To 13 Pct.

2024-12-16 10:04:55

(MENAFN- Kuwait News Agency (KUNA)) ISLAMABAD, Dec 16 (KUNA) -- The State Bank of Pakistan (SBP) on Monday announced that it had decided to cut its key policy rate by 200 basis points (bps) to 13 percent from 15 percent.
A SBP statement said, "At its meeting today, the Monetary Policy Committee decided to cut the policy rate by 200 bps to 13 percent, effective from December 17, 2024."
It further said that continued decline in food inflation, as well as the phasing out of the impact of the hike in gas tariffs in November 2023 mainly drove this. "The recent policy rate cut is aimed at bolstering growth, while also ensuring inflation stays within manageable levels," the statement read. It noted positive economic signals, including an increase in high-frequency indicators of economic activity.
Prime Minister of Pakistan, Shehbaz Sharif welcomed the reduction, saying it would increase investor confidence in the economy and bring more investment. (end)
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