KARACHI, July 15 (INP): The State Bank of Pakistan (SBP) on July 16 under the new governor, Dr Reza Baqir, will announce its monetary policy for the next two months.
He will unveil the decision of the Monetary Policy Committee at a press conference.
The interest rate is still high, the financial sector does not expect any downward change in the policy rate, which has been on the rise for more than a year and currently stands at 12.25 percent.
Since May 2018, the interest rate has been increased by 5.75 percent, whereas the inflation has been recorded to be 8.9 percent in the month of June, 2019.
Experts believe that the interest rate may be increased by 0.5 to 1 percent amid the significant devaluation of rupee against the US dollar, inflation and the current economic situation of the country altogether.
The SBP believes the high interest rate is a must to get control over the rising inflationary pressure in the economy.
According to SBP press statement, the Monetary Policy Committee of SBP is scheduled to meet on Tuesday, July 16, 2019 at SBP Head Office Karachi to decide about Monetary Policy.