Pakistan holds interest rate at 11%
Central bank says policy at right level to push inflation towards 5–7% target
Pakistan’s central bank held its policy rate at 11% today (June 16), thereby pausing its easing cycle.
The State Bank of Pakistan (SBP), which had cut by 100 basis points at its previous meeting in May, said the interest rate was at the right level for headline inflation to rise and meet its target of between 5% and 7%.
Headline inflation jumped to 3.5% in May from 0.3% in April, which the central bank attributed to the absence of favourable base effects from food prices from last year. It also
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