Thursday, February 2, 2023
HomeNewsState Bank announced interest rate hike -HP NEWS

State Bank announced interest rate hike -HP NEWS

The State Bank of Pakistan increased the interest rate from 16 percent to 17 percent.

Governor State Bank announced the new monetary policy while holding a press conference in Karachi, he said that the interest rate has been increased by 1 percent.

State Bank Governor Jameel Ahmed said that the foreign exchange reserves have decreased due to repayment of loans.

He said that the committee was of the opinion that interest rate should be increased by one percent to control inflation, inflation is strong, price stability is necessary.

He said that 15 billion dollars have been paid out of the debt payment, 8 billion dollars are due in the remaining months of the financial year.

Governor State Bank said that $3 billion will be rolled over, less than $3 billion to be paid in five months.

He said that the current account deficit in 6 months is 3.7 billion dollars, this year the current account deficit will be less than 9 billion.

He said that the current account deficit is 10 billion and the actual payment is 23 billion, our need for this financial year is 33 billion dollars.

Jameel Ahmed said that the reason for the containers getting stuck is because of not following the orders of the State Bank.

He said that the associations submitted the details to remove the stuck containers, the procedures for releasing the containers have been given to the banks.

He further said that we do not include gold in our reserve.



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