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Pakistan central bank keeps policy rate at 5.75%

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Pakistan central bank keeps policy rate at 5.75%

The State Bank of Pakistan on Nov. 24 decided to keep its policy interest rate unchanged at 5.75%.

The consumer price index averaged 3.5% in the July-to-October period for fiscal 2018, "well below" the annual inflation target, the central bank said. While inflation is expected to rise "in the coming months" due to higher international oil prices and the imposition of regulatory duty on non-essential import items, it is projected to still land within the range of 4.5% to 5.5% laid out at the start of fiscal year 2018.

The central bank said the prospects of achieving a 6.0% real GDP growth target remain "strong."

It added that near-term balance-of-payment challenges persist, but export growth, an increase in foreign direct investments and expected other financial inflows will help quell such pressures.