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Pakistani central bank keeps policy rate unchanged at 22 pct

ISLAMABAD
2023-09-14 23:42

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ISLAMABAD, Sept. 14 (Xinhua) -- The monetary policy committee (MPC) of the State Bank of Pakistan (SBP) decided to maintain the policy rate at 22 percent after declining trend in inflation from its peak of 38 percent in May to 27.4 percent in August 2023, the central bank said in a statement.

Even though global oil prices have risen recently and are being passed on to consumers through adjustments in administered energy prices, inflation is projected to remain on a downward trajectory, especially from the second half of this year, the statement said.

The real interest rates continue to remain in positive territory on a forward-looking basis in the coming days, the SBP said.

"Moreover, the expected ease in supply constraints owing to better agriculture output and the recent administrative measures against speculative activity in the foreign exchange and commodity markets would also support the inflation outlook," the statement added.
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