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SBP keeps policy rate unchanged at 22 percent 

05:18 PM | 29 Apr, 2024
SBP keeps policy rate unchanged at 22 percent 
Source: File Photo

KARACHI – The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) Monday decided to keep the policy rate unchanged at 22 percent. 

The Committee noted that the macroeconomic stabilization measures are contributing to considerable improvement in both inflation and external position, amidst moderate economic recovery. 

However, the MPC viewed that the level of inflation is still high. At the same time, global commodity prices appear to have bottomed out with resilient global growth. The recent geopolitical events have also added uncertainty about their outlook. 

Moreover, the upcoming budgetary measures may have implications for the near-term inflation outlook. 

On balance, the Committee stressed on continuation of the current monetary policy stance to bring inflation down to the target range of 5 – 7 percent by September 2025. 

Since its last meeting, the MPC noted following key developments. First, data for the first half of FY24 suggests that economic activity is recovering at a moderate pace, led by strong rebound in agriculture sector.

 Second, the current account recorded a sizable surplus in March 2024, which helped to stabilize the SBP’s FX reserves despite substantial debt repayments and weak financial inflows. 

Third, inflation expectations of consumers inched up in April 2024, whereas those for businesses declined. 

And lastly, leading central banks particularly in advanced economies have adopted cautious policy stance after noticing some slowdown in the pace of disinflation in recent months.

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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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