Pakistan holds rates despite high inflation
Reserves resume fall as balance of payments crisis continues
The State Bank of Pakistan (SBP) held its policy rate at 21% on June 12, despite galloping inflation and an ongoing balance of payments crisis, exacerbated by political turmoil.
In its policy statement, the monetary policy committee said it believes inflation peaked in May, at a headline figure of 38% year on year. The MPC also “noted a sequential ease in inflation expectations of both consumers and businesses from their recent peaks”.
The SBP has tripled its policy rate in the past two years
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