State Bank Announces New Monetary Policy | Economist Mohammed Sohail Gives Good News

#statebankofpakistan #monetarypolicy #mohammadsohail

Bowing down to another demand of International Monetary Fund (IMF), the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) announced an interest rate hike of 300 basis points, taking it to 20%. This is the highest level of the key policy rate since October 1997.

Earlier on Thursday, the International Monetary Fund (IMF) had stressed upon Pakistan to tighten its monetary policy and enhance interest rate.

The demand came at a virtual meeting held between Pakistan and the IMF. IMF officials reviewed efforts made by Pakistan to complete the staff level agreement.

Sources told Dunya News that Pakistan has been facing pressure to implement on the Fund's requirements through advance measures in time.

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