KARACHI – The State Bank of Pakistan (SBP) on Thursday raised its benchmark interest rate by a 250 basis points to 12.25% as the country grapples with uncertainty around the outlook for international commodity prices and global financial conditions.
In line with its forward guidance, the meeting took place 12 days in advance. The State Bank of Pakistan Monetary Policy Committee was scheduled to meet on April 19, 2022 to decide the interest rate.
The recent hike comes after the rupee plunged to an all-time low of Rs188.18 against the US dollar in the inter-bank market.
According to a statement issued by the central bank; the inflation out-turn in March surprised on the upside, with core inflation in both urban and rural areas also rising significantly.
1/3 In an emergency meeting today, MPC decided to raise policy rate by 250bps to 12.25%. This strong and proactive policy response was necessitated by a deterioration in outlook for inflation and increase in risks to external stability since last meeting. https://t.co/VSRwxRQJhY
— SBP (@StateBank_Pak) April 7, 2022
“While timely demand-moderating measures and strong exports and remittances saw the February current account deficit shrink to $0.5 billion, its lowest level this fiscal year, heightened domestic political uncertainty contributed to a 5% depreciation in the rupee and a sharp rise in domestic secondary market yields as well as Pakistan’s Eurobond yields and CDS spreads since the last MPC meeting,” the statement read.
The MPC further noted that in addition, there has been a decline in the SBP’s foreign exchange reserves “largely due to debt repayments and government payments about the settlement of an arbitration award related to a mining project.”
“Accordingly, the MPC decided at its emergency meeting today, to raise the policy rate by 250 basis points to 12.25%,” it said.
“These items are mostly finished goods including luxury items and exclude raw materials. The announcement of these measures is expected soon and will complement the action taken by the MPC on interest rates today,” the statement read.
"Looking ahead, the MPC noted that today’s decisive actions, together with a reduction in domestic political uncertainty and prudent fiscal policies, should help ensure that Pakistan’s robust economic recovery from COVID-19 remains sustainable," the statement read.
Daily Pakistan Global Web Desk
KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on January 26, 2023 (Thursday).
Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency | Symbol | Buying | Selling |
US Dollar | USD | 253.4 | 255.15 |
Euro | EUR | 274 | 276.6 |
UK Pound Sterling | GBP | 311 | 314 |
U.A.E Dirham | AED | 68.7 | 69.3 |
Saudi Riyal | SAR | 66.4 | 67 |
Australian Dollar | AUD | 176 | 178 |
Bahrain Dinar | BHD | 615.68 | 620.18 |
Canadian Dollar | CAD | 186 | 188 |
China Yuan | CNY | 34.12 | 34.37 |
Danish Krone | DKK | 33.83 | 34.18 |
Hong Kong Dollar | HKD | 29.52 | 29.87 |
Indian Rupee | INR | 2.81 | 2.89 |
Japanese Yen | JPY | 2.5 | 2.54 |
Kuwaiti Dinar | KWD | 756.69 | 761.69 |
Malaysian Ringgit | MYR | 52.59 | 53.04 |
New Zealand Dollar | NZD | 148.33 | 149.53 |
Norwegians Krone | NOK | 22.43 | 22.73 |
Omani Riyal | OMR | 600.37 | 604.87 |
Qatari Riyal | QAR | 63.5 | 64 |
Singapore Dollar | SGD | 178 | 179.3 |
Swedish Korona | SEK | 21.78 | 22.08 |
Swiss Franc | CHF | 250.23 | 251.98 |
Thai Bhat | THB | 6.98 | 7.08 |
KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs190,900 on Thursday. The price of 10 grams of 24k gold was recorded at Rs163,670.
Likewise, 10 grams of 22k gold were being traded for Rs150,300 while a single tola of 22-karat gold was being sold at Rs 173,200.
Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.
City | Gold | Silver |
Lahore | PKR 190,900 | PKR 2,100 |
Karachi | PKR 190,900 | PKR 2,100 |
Islamabad | PKR 190,900 | PKR 2,100 |
Peshawar | PKR 190,900 | PKR 2,100 |
Quetta | PKR 190,900 | PKR 2,100 |
Sialkot | PKR 190,900 | PKR 2,100 |
Attock | PKR 190,900 | PKR 2,100 |
Gujranwala | PKR 190,900 | PKR 2,100 |
Jehlum | PKR 190,900 | PKR 2,100 |
Multan | PKR 190,900 | PKR 2,100 |
Bahawalpur | PKR 190,900 | PKR 2,100 |
Gujrat | PKR 190,900 | PKR 2,100 |
Nawabshah | PKR 190,900 | PKR 2,100 |
Chakwal | PKR 190,900 | PKR 2,100 |
Hyderabad | PKR 190,900 | PKR 2,100 |
Nowshehra | PKR 190,900 | PKR 2,100 |
Sargodha | PKR 190,900 | PKR 2,100 |
Faisalabad | PKR 190,900 | PKR 2,100 |
Mirpur | PKR 190,900 | PKR 2,100 |
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