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State Bank of Pakistan to announce new monetary policy today

09:42 AM | 30 Oct, 2023
State Bank of Pakistan to announce new monetary policy today
Source: File Photo

KARACHI – State Bank of Pakistan (SBP) will announce new monetary policy today on Monday.

All eyes are on the Monetary Policy Committee (MPC) which is going to meet today and will announce a decision on the interest rates. 

In today's meeting, Monetary Policy Committee (MPC) members will consider economic indicators and will decide on whether to change or retain interest rates.

The central bank opted for a cumulative 1,500 basis points increase in its policy rate in last two years to fight sky-high inflation and support the external balance, and the rate hasn’t seen any change since July 2023.

The country of over 240 million is grappling with a weak currency, and soaring inflation that created a cost-of-living crisis for distressed masses.

With administrative measures and stern action, PKR bounced back after touching record low and the fuel prices have reduced in the last two fortnightly reviews.

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 the 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 has remained 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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Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 28 Feb 2024

Pakistani currency remains momentum against US dollar in the open market on February 28, 2024 (Wednesday).

US Dollar rate in Pakistan

In the open market, the US dollar moves up and currently hovers at 282 for buying and 282.25 for selling.

Euro currently stands at 303.1 for buying and 306.1 for selling while British Pound rate stands at 351.6 for buying, and 355.1 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.25.

Today’s currency exchange rates in Pakistan - 28 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 282 282.25
Euro EUR 303.1 306.1
UK Pound Sterling GBP 351.6 355.1
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.25 75.05
Australian Dollar AUD 181.1 183.1
Bahrain Dinar BHD 742.91 750.91
Canadian Dollar CAD 207.1 209.1
China Yuan CNY 38.87 39.27
Danish Krone DKK 40.61 41
Hong Kong Dollar HKD 35.75 36.1
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 905.46 914.46
Malaysian Ringgit MYR 58.5 59.1
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.41 26.71
Omani Riyal OMR 725.54 733.54
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207.15 209.15
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317 319.5
Thai Bhat THB 7.76 7.91

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