The State Bank of Pakistan has reduced the interest rate by one percent while announcing the new monetary policy, after which the interest rate has come down to 19.5 percent.
State Bank Governor Jameel Ahmed while holding a press conference said that the interest rate has decreased by one percent to 19 and a half percent, and now the country’s economy is on the way to improvement.
He said that the interest rate and economic indicators will be reviewed again in September, last year the inflation rate was 38% which has come down to 12.6%.
He said that last year the current account deficit was 681 million dollars, which is now at 329 million dollars.
Governor State Bank said that the inflation is gradually decreasing, no ban on imports has been imposed by us.
He said that foreign exchange reserves are increasing, and all external loans are being repaid on time.
Governor Jameel Ahmed said that foreign exchange reserves have reached 9.4 billion dollars, and next year GDP will be between 2.5 to 3.5.
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He said that the inflation rate is likely to be between 11.5 to 13.5 percent next year.
