Karachi (Web Desk): The State Bank of Pakistan (SBP) on Monday announced to increase the benchmark interest rate by 100 basis points to 17%
Addressing a news conference in Karachi, SBP Governor Jameel Ahmad said our actual performance during the first six months is better than expected.
He said while explaining its decision, the monetary policy committee of the central bank noted that inflationary pressures are persisting and continue to be broad-based and it was mandatory to increase the rate to check these.
“Despite a slowdown in exports and remittances, our current account deficit during July-Dec stood at $3.7 billion,” the SBP governor said.
He predicted that the current account deficit will be brought below $9 billion.
