The State Bank of Pakistan has lowered its key interest rate by 250 basis points to 15% due to single-digit inflation persisting through October. The bank noted that inflation has declined faster than expected and is close to its medium-term target range. While the economy has started to recover, further rate cuts are needed to boost growth. Inflation is expected to slow further, but could pick up again in 2025 due to electricity and gas price increases and new taxes. The bank believes the current monetary policy stance is appropriate to maintain price stability and support economic growth. The IMF has approved a $7 billion facility for Pakistan, forecasting GDP growth at 3.2% for fiscal year 2025.
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