KARACHI, Pakistan: The State Bank of Pakistan (SBP) on Saturday announced the country’s first monetary policy of the current financial year for the next two months and decided to maintain the interest rate at 10 per cent.
The SBP governor Ashraf Mehmood Wathra said that for the first time in three years the growth rate has improved.
Wathra said that reserves of the state bank are over $9 billion and increase in reserves has led to stabilization of the rupee. He said that these reserves would reach $13 billion by the close of the financial year.
The governor of the state bank said that inflation is expected to be in the range of 7.5 to 8.5 per cent during the current financial year.
