SBP cuts key policy rate by 100bps to 19.5pc

Transcript

00:00State Bank announced monetary policy for the next one and a half months.

00:04Sharah Sood reduced 1%.

00:06Governor of State Bank, Mohammad Jameel said in a news conference.

00:09There is a gradual decrease in inflation,

00:11while there has been an improvement in the exchange rates.

00:15The inflation number of the month was 12.6%.

00:19It started decreasing from 38% in May 2023.

00:24And gradually, it came down to 12.6% last month.

00:29According to our expectations,

00:32the inflation average for the last year was 23.4%.

00:37The monetary policy committee decided

00:39to reduce the policy rate by 100 basis points.

00:45The policy rate, which was 20.5%,

00:48has reduced to 19.5%.

00:51And this will be effective from tomorrow.