Saturday, April 20, 2024
HomeSportsPakistan central bank keeps interest rate at 22% amid alarming inflation surge...

Pakistan central bank keeps interest rate at 22% amid alarming inflation surge – Times of India

NEW DELHI: As inflation rates in Pakistan reached an alarming rate of 32.89% on Friday, the central bank of Pakistan kept the key interests on hold at 22% for the sixth straight term.
Calling the move an effort to bring the inflation rates down to 5-7% by September 2025, the central bank said, “Inflation warrants a cautious approach, requires continuity of current monetary stance to bring inflation down to target range of 5 – 7% by Sept 2025”.
This comes after the cash-strapped nation witnessed a 1.35 percent increase in weekly inflation, marking a significant development just two weeks after the new government was formed, according to the Sensitive Price Indicator (SPI).
Data from the statistics department indicates that prices of 18 essential items have risen, while 14 items have experienced a decrease, and 23 products have maintained their prices.
Additionally, Pakistan has initiated discussions with the international lender regarding the final tranche of USD 1.1 billion under the SBA program, as reported by ARY News. Pakistan is expected to seek a new deal under the 36-month Extended Fund Facility (EFF) during the negotiations. Sources indicate that Pakistan may request a fresh loan program from the IMF in the range of USD 6-8 billion.



Source link

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments