Pakistan holds rates despite high inflation

MPC says country needs continuing tight policy, fiscal discipline and foreign financing

The State Bank of Pakistan
Photo: SBP/Abbas Ali Khan

The State Bank of Pakistan (SBP) held its key rate for a sixth consecutive monetary policy committee meeting on March 18, despite high inflation. 

The MPC held its key rate at the record high level of 22%, unchanged since its July meeting, after inflation fell for a third successive month. Year-on-year inflation was 22% in February, remaining well above the SBP’s target range of 5–7% despite falling for the third successive month. 

This was its lowest rate since June 2022, and considerably lower

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