KARACHI: The State Bank of Pakistan (SBP) on Monday announced to cut its policy rate by 250 basis points (bps) to 15 percent from 17.5 percent amid calls for a big rate drop.
The decision was taken in a Monetary Policy Committee (MPC) meeting of the central bank chaired by SBP Governor Jameel Ahmad.
“At its meeting today, the Monetary Policy Committee (MPC) decided to cut the policy rate by 250 basis points to 15 percent, effective from November 5, 2024.
The Committee noted that inflation has declined faster than expected and has reached close to its medium-term target range in October,” a statement issued here read. The MPC also assessed that the tight monetary policy stance play an important role in sustaining the downward trend in inflation. –Agencies
