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State Bank likely to jack up interest rate to 23pc today in Monetary Policy meeting

11:30 AM | 14 Sep, 2023
State Bank likely to jack up interest rate to 23pc today in Monetary Policy meeting
Source: File Photo

KARACHI – State Bank of Pakistan’s Monetary Policy Committee is set to meet today on Thursday to announce its monetary policy, with people familiar with the development predicting a hike in the key policy rate.

Financial experts and brokerage firms predicted a rate hike as high as 200 basis points in the key policy rate in the wake of inflationary pressure with the risk of 12-month real interest rates (RIR) remaining in negative territory for an extended period.

Pakistan’s interest rate stands at 22pc, the highest in the history of a cash-strapped country and now it could be increased by up to 23pc.

Lately, the central bank announced a Monetary Policy Committee meeting on Tuesday and added that the rate would be announced via a press release.

Last month, the State Bank turned down the report of the special meeting and said that the deliberations would take place as per routine in September.

Daily Pakistan Global Web Desk

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 20 Feb 2024

Pakistani currency remained largely stable against US dollar and other currencies in the open market on February 20, 2024 (Tuesday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.05 for buying and 282.1 for selling.

On Tuesday, Euro stands at 301 for buying and 304 for selling while British Pound rate stands at 352.4 for buying, and 355.4 for selling.

UAE Dirham AED hovers at 76.55 whereas the Saudi Riyal saw slight increase, with new rates at 74.2.

Today’s currency exchange rates in Pakistan - 20 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.05 282.1
Euro EUR 301 304
UK Pound Sterling GBP 352.4 355.4
U.A.E Dirham AED 76.55 77.25
Saudi Riyal SAR 74.2 75
Australian Dollar AUD 180 182
Bahrain Dinar BHD 743.12 751.12
Canadian Dollar CAD 206.5 208.5
China Yuan CNY 38.84 39.24
Danish Krone DKK 40.24 40.64
Hong Kong Dollar HKD 35.74 36.09
Indian Rupee INR 3.48 3.59
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 906.33 915.33
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 170.1 172.1
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 725.75 733.75
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 207
Swedish Korona SEK 26.85 27.15
Swiss Franc CHF 315.64 318.14
Thai Bhat THB 7.93 8.08

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