propakistani.pk
Open in
urlscan Pro
172.67.71.114
Public Scan
URL:
https://propakistani.pk/2023/03/02/sbp-announces-huge-increase-in-interest-rate-after-emergency-meeting/
Submission: On March 14 via api from QA — Scanned from DE
Submission: On March 14 via api from QA — Scanned from DE
Form analysis 2 forms found in the DOM
Name: site-search — GET https://propakistani.pk
<form name="site-search" id="site-search" action="https://propakistani.pk" method="GET">
<div class="s-search collapsed">
<div id="___gcse_0">
<div class="gsc-control-searchbox-only gsc-control-searchbox-only-en" dir="ltr">
<table cellspacing="0" cellpadding="0" role="presentation" class="gsc-search-box">
<tbody>
<tr>
<td class="gsc-input">
<div class="gsc-input-box" id="gsc-iw-id1">
<table cellspacing="0" cellpadding="0" role="presentation" id="gs_id50" class="gstl_50 gsc-input" style="width: 100%; padding: 0px;">
<tbody>
<tr>
<td id="gs_tti50" class="gsib_a"><input autocomplete="off" type="text" size="10" class="gsc-input" name="search" title="search" aria-label="search" id="gsc-i-id1" dir="ltr" spellcheck="false"
style="width: 100%; padding: 0px; border: none; margin: 0px; height: auto; background: url("https://www.google.com/cse/static/images/1x/en/branding.png") left center no-repeat rgb(255, 255, 255); outline: none;">
</td>
<td class="gsib_b">
<div class="gsst_b" id="gs_st50" dir="ltr"><a class="gsst_a" href="javascript:void(0)" title="Clear search box" role="button" style="display: none;"><span class="gscb_a" id="gs_cb50" aria-hidden="true">×</span></a></div>
</td>
</tr>
</tbody>
</table>
</div>
</td>
<td class="gsc-search-button"><button class="gsc-search-button gsc-search-button-v2"><svg width="13" height="13" viewBox="0 0 13 13">
<title>search</title>
<path
d="m4.8495 7.8226c0.82666 0 1.5262-0.29146 2.0985-0.87438 0.57232-0.58292 0.86378-1.2877 0.87438-2.1144 0.010599-0.82666-0.28086-1.5262-0.87438-2.0985-0.59352-0.57232-1.293-0.86378-2.0985-0.87438-0.8055-0.010599-1.5103 0.28086-2.1144 0.87438-0.60414 0.59352-0.8956 1.293-0.87438 2.0985 0.021197 0.8055 0.31266 1.5103 0.87438 2.1144 0.56172 0.60414 1.2665 0.8956 2.1144 0.87438zm4.4695 0.2115 3.681 3.6819-1.259 1.284-3.6817-3.7 0.0019784-0.69479-0.090043-0.098846c-0.87973 0.76087-1.92 1.1413-3.1207 1.1413-1.3553 0-2.5025-0.46363-3.4417-1.3909s-1.4088-2.0686-1.4088-3.4239c0-1.3553 0.4696-2.4966 1.4088-3.4239 0.9392-0.92727 2.0864-1.3969 3.4417-1.4088 1.3553-0.011889 2.4906 0.45771 3.406 1.4088 0.9154 0.95107 1.379 2.0924 1.3909 3.4239 0 1.2126-0.38043 2.2588-1.1413 3.1385l0.098834 0.090049z">
</path>
</svg></button></td>
<td class="gsc-clear-button">
<div class="gsc-clear-button" title="clear results"> </div>
</td>
</tr>
</tbody>
</table>
</div>
</div>
<a></a>
</div>
</form>POST
<form id="mc4wp-form-1" class="mc4wp-form mc4wp-form-173910" method="post" data-id="173910" data-name="News Letter">
<div class="mc4wp-form-fields">
<div id="newsLetter">
<input type="email" name="EMAIL" placeholder="Enter your email address" required="" class="nl_email">
<input class="nl_submit" value="Subscribe" type="submit">
</div>
</div><label style="display: none !important;">Leave this field empty if you're human: <input type="text" name="_mc4wp_honeypot" value="" tabindex="-1" autocomplete="off"></label><input type="hidden" name="_mc4wp_timestamp"
value="1678797321"><input type="hidden" name="_mc4wp_form_id" value="173910"><input type="hidden" name="_mc4wp_form_element_id" value="mc4wp-form-1">
<div class="mc4wp-response"></div>
</form>Text Content
Skip to content * ProPrice * Lens * How To * Tools * 3G, 4G & Call Packages * Careers * About * Contact Us * Tech and Telecom * Business * CarBase * Sports * Education * Pakistan * ProProperty * Perspective * Aviation * Social * Career * Videos * PSL 2023 × search SBP ANNOUNCES HUGE INCREASE IN INTEREST RATE AFTER EMERGENCY MEETING By Ahsan Gardezi | Published Mar 2, 2023 | 4:40 pm * * * * * * * * The State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) on Thursday raised the policy rate by 300 basis points to 20 percent. The announcement was made by State Bank of Pakistan (SBP) Governor Jameel Ahmad in a press conference following the MPC’s meeting. Video Player is loading. Play Unmute Current Time 0:00 / Duration 10:20 Loaded: 5.12% 00:00 Stream Type LIVE Seek to live, currently behind liveLIVE Remaining Time -10:20 1x Playback Rate Chapters * Chapters Descriptions * descriptions off, selected Captions * captions settings, opens captions settings dialog * captions off, selected Audio Track * default, selected This is a modal window. Beginning of dialog window. Escape will cancel and close the window. TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaque Font Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall Caps Reset restore all settings to the default valuesDone Close Modal Dialog End of dialog window. Close Player At 20 percent, this is the highest ever policy rate since October 1996, according to Arif Habib Limited (AHL). ALSO READ Pakistan Received $6.13 Billion Foreign Loans in 7 Months of FY23 MPC STATEMENT In today’s meeting, the MPC noted that the recent fiscal adjustments and exchange rate depreciation have led to a significant deterioration in the near-term inflation outlook and a further upward drift in inflation expectations, as reflected in the latest wave of surveys. The Committee expects inflation to rise further in the next few months as the impact of these adjustments unfolds before it begins to fall, albeit at a gradual pace. The average inflation this year is now expected in the range of 27 – 29 percent against the November 2022 projection of 21 – 23 percent. In this context, the MPC emphasized that anchoring inflation expectations is critical and warrants a strong policy response. DEBT REPAYMENTS HURTING FOREX RESERVES, RUPEE On the external side, the MPC noted that despite a substantial reduction in the current account deficit (CAD), vulnerabilities continue to persist. In January 2023, the CAD fell to $242 million, the lowest level since March 2021. Cumulatively, the CAD – at $3.8 billion in Jul-Jan FY23 – is down 67 percent compared to the same period last year. Notwithstanding this improvement, scheduled debt repayments and a decline in financial inflows amid rising global interest rates and domestic uncertainties, continue to exert pressure on FX reserves and the exchange rate. ALSO READ US Dollar ‘Not Out’ At 285 Against PKR in Less Than 3 Hours The MPC noted that FX reserves remain low and concerted efforts are needed to improve the external position. In this regard, the conclusion of the ongoing 9th review under the IMF’s EFF will help address near-term external sector challenges. Furthermore, the MPC stressed the urgent need for energy conservation measures to alleviate pressure on the external account and meet the import requirements of other sectors. Recent fiscal measures – including an increase in GST and excise duties, reduction in subsidies, adjustments in energy prices, and the austerity drive – are expected to help contain the otherwise widening fiscal and primary deficits. As highlighted in earlier statements, the envisaged fiscal consolidation is critical for economic stability and will complement the ongoing monetary tightening in bringing down inflation over the medium term. The Committee emphasized that any significant fiscal slippages will undermine monetary policy effectiveness in the context of achieving the price stability objective. FUTURE The MPC also assessed the impact of further monetary tightening on financial stability and the near-term growth outlook. The Committee views that the risks to financial stability remain contained, given that financial institutions are broadly well capitalized. On growth, however, there exists a trade-off. ALSO READ Govt to Borrow Via Instruments Other Than Sukuks, NPCs As Money Problems Persist The MPC, nonetheless, reiterated its earlier view that the short-term costs of bringing down inflation are lower than the long-term costs of allowing it to become entrenched. Barring unexpected future shocks, the MPC noted that today’s decision has pushed the real interest rate into positive territory on a forward-looking basis. This will help anchor inflation expectations and steer inflation to the medium-term target of 5 – 7 percent by the end of FY25. AHSAN GARDEZI 0 Shares comment_count comments Oldest Newest Oldest Top rated comments first Comment as a guest: Notify me when someone replies to my comment Save the details above in this browser for the next time I comment Submit comment LATEST NEWS * SPOTIFY HOSTS FANS AT THE FIRST-EVER GIG IN PAKISTAN UNDER ‘PAKKA HIT… * US PARTNERS WITH PAKISTAN TO HELP FARMERS IMPROVE FERTILIZER USE * RUPEE LOSES 2ND DAY IN A ROW AGAINST US DOLLAR, BRITISH POUND * CHELSEA FC TO HOST FIRST-EVER OPEN IFTAR AT STAMFORD BRIDGE * UAE ANNOUNCES MASSIVE DECREASE IN COVID-19 FINES NOW TRENDING * EGYPT: RESEARCHERS SEEKING SECRETS IN GREAT PYRAMID OF GIZA * STATE BANK WANTS A SUPPLIER LIST FOR SOLAR PANEL IMPORTERS * PAKISTAN'S WOMEN: A FORCE TO BE RECKONED WITH ON INTERNATIONAL WOMEN'S DAY [OPINION] * NA BODY EXPRESSES DISPLEASURE OVER DELAY IN APPOINTMENT OF CCP MEMBERS * BABAR AZAM JOINS ELITE COMPANY AFTER YET ANOTHER T20 CENTURY LENS AYESHA OMAR IS TOO HOT TO HANDLE IN EXOTIC DRESS [PICTURES] * Sanam Saeed Redefines Elegance in Traditional Jora [Pictures] * Saboor Aly Sets Hearts Racing in Electric Blue Saree [Pictures] * Hottest BFF Duo Mouni Roy and Disha Patani Take Orlando by Sto… * Younis Khan Gives Mohib Mirza a Lesson in Respect [Video] SADIA FAISAL TURN HEADS IN CHIC BACKSEAT GLAM SHO… WALIYA NAJIB DAZZLES IN PINK SLEEVELESS JORA BY Z… MERUB ALI ENJOYS FRIEND’S WEDDING IN STYLE … KINZA HASHMI ENJOYS FUN BRUNCH WITH FRIENDS SABOO… SABA QAMAR RAISES TEMPERATURES IN LATEST PHOTOSHO… Read more in lens PROPROPERTY LDA TO MONITOR DEVELOPMENT PROJECTS WITH CCTV CAMERAS * Lahore to Get a New Entertainment City as RUDA Joins Hand with… * Karachi Police Clash with Protesters During Anti-Encroachment … * Lahore Traffic Police Establishes Anti-Encroachment Camps to E… * Capital Smart City Conducts First Balloting Event of 2023 RWMA LAUNCHES ‘SAFAI NISF IMAN HAI’ CLEANLINESS D… PAKISTAN’S AMBASSADOR TO THE US DISCUSSES C… LDA ACCUSED OF WASTING PUBLIC FUNDS ON ROAD RECON… COURT ADJOURNS PROCEEDINGS AGAINST SHEHBAZ SHARIF… NA COMMITTEE URGES CDA TO EXPEDITE SECTOR E-12 DE… Read more in proproperty ProPakistani is the premier and most trustworthy resource for all happenings in technology, telecom, business, sports, auto, education, real estate and entertainment news in Pakistan. Whether it's the top trending news, inside scoops or features, interviews, market trends and analysis, product reviews, How to's or tutorials – we cover it all. FOLLOW US Leave this field empty if you're human: * * * * * * * Telecom News * Business News * Education News * Carbase * ProPrice * Samsung Price in Pakistan * iPhone Price in Pakistan * OPPO Price in Pakistan * Infinix Price in Pakistan * Tecno Price in Pakistan * Xiaomi Price in Pakistan * Vivo Price in Pakistan * Zong Call Packages * Zong SMS Packages * Zong Internet 3G / 4G Packages * Jazz Call Packages * Jazz SMS Packages * Jazz Internet 3G / 4G Packages * Telenor Call Packages * Telenor SMS Packages * Telenor Internet 3G / 4G Packages * Ufone Call Packages * Ufone SMS Packages * Ufone Internet 3G / 4G Packages * Celebrities * Prayer Timings * How To * PSL 2023 * PSL Live Score * PSL Live Streaming * PSL Stats * PSL Teams * PSL Schedule 2023 * PSL Points Table * About * Contact Us * Privacy Policy * Careers © 2022 ProPakistani.PK - All rights reserved * * * * * * * * PSL Live Score * PSL Points Table * PSL Schedule 2023 * Tech and Telecom * Auto * Business * Sports * Social * Pakistan * Videos -------------------------------------------------------------------------------- * Home * ProPrice * Mobile Packages * Lens * How To * Foodnama * Perspective * About * Contact Us * Privacy Policy PSL 8 Live NO LIVE MATCH AT THIS TIME. Click to view the full event. Close dialog Session expired Please log in again. The login page will open in a new tab. After logging in you can close it and return to this page. close >