The State Bank of Pakistan announced to hold the interest rate at 22pc for the seventh consecutive month. The Monitory Policy Committee (MPC) made the announcement considering the international political and economic scenario.
The motive behind this step is to ensure steady growth. The move was by the fall in inflation from 23.1pc in February to 23.1pc in March. MPC asserted that it wasn’t just the tight fiscal and monetary policies but the favorable global situation; and low prices of international commodities.
The committee deemed it necessary to hold a tight hand on the interest rate considering it as a risk to change the current rate; a volatile international oil price shift is a key reason.
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