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Interest rates at State Bank of Pakistan are lowered to 19.5%.

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5 months ago

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As disclosed by State Bank governor Jameel Ahmed, this decision was taken at a Monday Monetary Policy Committee (MPC) meeting. Based on the most recent evaluation of the SBP, the reduction is a reaction to the consistently declining inflation rate.

In September, according to Governor Ahmed, there will be another assessment of the interest rates and economic statistics. According to him, despite external payments, the country’s foreign exchange reserves were stable and growing.

By making borrowing more accessible to individuals and businesses, the action seeks to boost economic activity. In order to sustain economic stability and foster growth, the State Bank Governor underlined that the institution is alert and dedicated to implementing the required actions.

Analysts had indicated that there might be a cut in interest rates, with a range of one to 1.5%, which raised huge expectations. With the economy in a difficult place, this proposed cut was intended to boost economic growth and lessen the financial strain on people and businesses.

When making a decision, the MPC meeting evaluates the state of the economy, inflation rates, and other important economic factors. The committee’s recommendations and the ensuing changes to monetary policy were detailed in Governor Jameel Ahmed’s press conference after the meeting.

Effective June 11th, the policy rate was lowered by 150 basis points to 20.5% by the State Bank Monetary Policy Committee (MPC) on June 10. While the notable drop in inflation since February was mostly expected, the MPC pointed out that the May outturn was stronger than projected.

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In interbank trade, the Pakistani rupee beats the US dollar.

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6 days ago

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In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

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Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

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7 days ago

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The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

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The inflation rate in Pakistan dropped to its lowest level.

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7 days ago

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On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

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