The State Bank of Pakistan (SBP) reduced its key policy rate by 200 basis points to 17.5%, effective from September 13, 2024, as inflation fell to 9.6%, marking the first single-digit figure in three years.
The Monetary Policy Committee (MPC) noted that inflation dropped faster than expected, due to delayed energy price hikes and lower global oil and food prices.
Read: Electricity Prices Decrease by Rs2.93 Per Unit Due to Fuel Price Adjustments
Despite uncertainties in the agricultural sector, the SBP expects stable growth, driven by reduced inflation and improved remittance inflows. The current account deficit is projected to remain within 0% to 1% of GDP.
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