The State Bank of Pakistan has announced a new monetary policy in which interest rates have been further increased.
According to a statement issued by the SBP, the interest rate has been increased by 100 basis points.
The statement said that after an increase of 100 basis points, the interest rate has gone up from 8.75% to 9.75%.
According to a SBP statement, growth in the agricultural sector looks strong and economic growth will be close to the upper level of the 4 to 5 percent estimate.
The statement said there was still little information on the severity of the outbreak, adding that the committee believed that Pakistan had been able to cope with other forms of the epidemic.
Regarding the current account deficit, the statement said that the current account deficit will remain higher than the previous estimates, 4%, the current account and trade deficit will remain high in the short term, while global prices will return to normal in the second half of the fiscal year. Will gradually decrease.
According to the statement, the current account deficit is being paid in full from external remittances.
The statement said that the inflation rate will be 9 to 11 percent.