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.
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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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