KARACHI: The State Bank of Pakistan (SBP) on Friday announced the Monetary Policy for next two months and decided to raise its key discount rate to 9.5 percent from 9.0 percent for September-October 2013 in line with requirements set by the International Monetary Fund (IMF).
The policy was announced by the Governor SBP Yaseen Anwar after chairing a meeting of the central board of directors of the central bank in Karachi on Friday.
Analysts had widely expected the central bank to raise its monetary policy rate – a rate at which banks borrow from it through its discount window – at some point this year in order to tighten Pakistan’s monetary supply.
The central bank has changed the schedule of the monetary policy. As per the new schedule, subsequent monetary policy statements will be announced during the first half of alternate months, i.e. in January, March, May, July, September and November.
