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State Bank of Pakistan to announce monetary policy tomorrow

03:32 PM | 29 Oct, 2023
State Bank of Pakistan to announce monetary policy tomorrow
Source: File Photo

KARACHI – Pakistan’s central bank, the State Bank of Pakistan (SBP) will announce a new monetary policy for the next two months tomorrow on Monday.

In a statement, the bank said the Monetary Policy Committee (MPC) will review economic indicators at a meeting and will decide on whether to change or retain interest rates.

As of now, State Bank’s policy rate is set at 22 percent, the highest in the last 2 decades in line with the demands of the International Monetary Fund as the country battled from sky-high inflation.

Experts say interest rates are likely to remain unchanged despite some downward trend in inflation.

State Bank’s monetary policy is a set of tools that MPC uses to control the supply of money to promote economic growth and decrease inflation. Pakistan has increased the policy rate by several times, mainly citing soaring inflation.

Inflation in the crisis hit country remains high since mid-2022, while people are paying elevated prices for oil prices, surge in electricity and gas tariffs.

Daily Pakistan Global Web Desk

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 29 Feb 2024

Pakistani rupee remains stable against US dollar in the open market on February 29, 2024 (Thursday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.1 for buying and 282.35 for selling.

Euro currently stands at 303 for buying and 306 for selling while British Pound rate stands at 352 for buying, and 355.5 for selling.

UAE Dirham AED hovers at 76 whereas the Saudi Riyal saw slight increase, with new rates at 74.3.

Today’s currency exchange rates in Pakistan - 29 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.1 282.35
Euro EUR 303 306
UK Pound Sterling GBP 352 355.5
U.A.E Dirham AED 76 76.7
Saudi Riyal SAR 74.3 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.11 751.11
Canadian Dollar CAD 207 209.2
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.69 41.09
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 907.32 916.32
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.36 26.66
Omani Riyal OMR 725.68 733.68
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317.76 320.26
Thai Bhat THB 7.76 7.91

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