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Pakistan’s Monetary Policy Committee meets today to raise key policy rate for revival of IMF program

09:38 AM | 2 Mar, 2023
Pakistan’s Monetary Policy Committee meets today to raise key policy rate for revival of IMF program
Source: File Photo

KARACHI – The State Bank of Pakistan (SBP) has convened its monetary policy committee (MPC) meeting today amidst speculation that the central bank may conduct an off-cycle review to increase the key policy rate.

The cash-strapped country is set to increase interest rates as it faces pressure to change its finances while seeking a much-needed loan from the International Monetary Fund.

Experts claimed that the central bank will raise the key policy rate by 200bps to 19 percent to reduce the risk to the economy.

The MPC meeting was scheduled for March 16, however, the central bank on Monday decided to convene it two weeks early to address the risks to the economy.

Earlier, the central bank’s committee increased the key policy rate by 100 bps to 17pc on a higher inflation outlook.

Amid the economic meltdown, the federal government makes several desperate moves including restricting several imports and managing the current account deficit.

It was speculated that after the increase in the policy rate, Pakistan will get crucial funding from IMF as the program remained halted over differences, which further worsen the economic situation.

Daily Pakistan Global Web Desk

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 22 February 2024

Pakistani rupee remains stable against US dollar and other currencies in the open market on February 22, 2024 (Thursday)

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.6 for buying and 282.4 for selling.

Euro comes down to 300.2 for buying and 303.2 for selling while British Pound rate stands at 350.6 for buying, and 354.1 for selling.

UAE Dirham AED hovers at 76.2 whereas the Saudi Riyal saw slight increase, with new rates at 74.45.

Today’s currency exchange rates in Pakistan - 22 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.6 282.4
Euro EUR 300.2 303.2
UK Pound Sterling GBP 350.6 354.1
U.A.E Dirham AED 76.2 76.95
Saudi Riyal SAR 74.45 75.2
Australian Dollar AUD 181.15 183.15
Bahrain Dinar BHD 743.32 751.32
Canadian Dollar CAD 207.15 209.15
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.74 36.09
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 902.41 911.41
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 725.96 733.96
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207.1 209.1
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 316.9 319.4
Thai Bhat THB 7.93 8.08

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