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SBP to announce Monetary Policy today with potential cut in interest rates

12:05 PM | 10 Jun, 2024
SBP to announce Monetary Policy today with potential cut in interest rates
Source: File Photo

KARACHI - State Bank of Pakistan will announce its monetary policy today on Monday, by lowering record high interest rates.

Monetary Policy Committee (MPC) of central bank is scheduled to meet today, following which bank will release the monetary policy details.

In its previous decision, State Bank kept the policy rate at 22percent, citing substantial improvements in inflation and external positions due to macroeconomic stabilization efforts.

Despite these advancements, inflation remains elevated, and risks such as geopolitical uncertainties, global commodity price fluctuations, and upcoming budget measures continue to pose challenges to the inflation outlook. The MPC aims to bring down inflation to a target range of 5-7% by September 2025.

Since the last meeting, notable changes were witnessed including moderate economic recovery with agriculture sector growing by 6.8pc and a current account surplus of $619 million in March 2024, driven by remittances.

Exports showed steady growth while imports declined, leading to stabilization of foreign exchange reserves. Fiscal consolidation efforts resulted in a primary surplus of 1.8pc of GDP, although interest payments increased due to high debt levels.

Broad money growth reached 17.1pc in March 2024, fueled by higher foreign assets and government borrowing, while credit to the private sector slowed. Inflation eased to 20.7% in March from 23.1% in February, supported by tight monetary and fiscal policies, lower global commodity prices, and improved food supplies. 

MPC emphasized maintaining the current policy stance to ensure continued reduction in inflation.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan - Pak Rupee to US Dollar, Euro, Pound, Dirham, Riyal - 25 June 2024

Pakistani rupee rates against US Dollar and other currencies on June 25, 2024 (Tuesday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 277.5 for buying and 280.65 for selling.

Euro's buying rate stands at 293.5 and selling rate is 297.2 while British Pound rate is 348.5 for buying, and 351.45 for selling.

UAE Dirham AED was at 75.05 and Saudi Riyal at 72.95.

Currency Rates in Pakistan

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.5 280.65
Euro EUR 293.5 297.2
UK Pound Sterling GBP 348.5 351.45
U.A.E Dirham AED 75.05 75.85
Saudi Riyal SAR 72.95 73.85
Australian Dollar AUD 182.2 184
Bahrain Dinar BHD 740.58 748.58
Canadian Dollar CAD 203 205
China Yuan CNY 38.35 38.75
Danish Krone DKK 39.91 40.31
Hong Kong Dollar HKD 35.67 36.02
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.9 1.98
Kuwaiti Dinar KWD 907.74 916.74
Malaysian Ringgit MYR 59.07 59.67
New Zealand Dollar NZD 170.38 172.38
Norwegians Krone NOK 26.38 26.68
Omani Riyal OMR 723.26 731.26
Qatari Riyal QAR 76.5 77.2
Singapore Dollar SGD 72.95 73.85
Swedish Korona SEK 26.5 26.8
Swiss Franc CHF 311.53 314.03
Thai Bhat THB 7.58 7.73

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