SBP slashes policy rate amid sixth time
27 January, 2025 16:59
Remittances recorded as US$2.3 bn in Nov 2023
The State Bank of Pakistan on Monday slashed the policy rate for the sixth straight time, reducing it from 13% to 12%.
The announcement was made after latest meeting of the Monetary Policy Committee, which highlighted significant improvements in key economic indicators.
SBP Governor Jameel Ahmad, while addressing the presser, stated that the reduction in the policy rate was made possible due to favorable economic conditions, particularly the country’s current account, which has remained in surplus for six consecutive months.
“The ongoing surplus in the current account and the considerable drop in inflation have created a conducive environment for this rate cut,” the governor explained.
The current account balance has also shown remarkable reaching a surplus of $1.2 billion over the past six months.
This progress has contributed to stabilizing foreign exchange reserves, which are expected to exceed $13 billion by the end of June 2025.
He highlighted that the policy rate reduction, totaling 10% over the past seven months, would gradually impact the economy.
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