State Bank of Pakistan cuts key rate by bigger than expected 200 bps

ARY NEWS

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Transcript

00:00The State Bank of Pakistan has introduced a new monetary policy.

00:04It has announced a 2% reduction in the share price.

00:06200 basis points have been reduced.

00:08The share price has decreased from 19.5% to 17.5%.

00:13According to the Monetary Committee, the share price in Pakistan has come down to 9.64% in August 2024.

00:20There is a possibility of a reduction in the next month as well.

00:22In the year to come, the share price is expected to remain between 2.5% and 3.5%.

00:28The business community has demanded a reduction of 500 basis points in the share price.

00:35Dr. Khakha Najeeb says that the State Bank's decision to reduce 200 basis points in the share price is correct.

00:42There is a reduction in inflation.

00:44In exchange, the interest rates are at 9.5 billion dollars.

00:47We have to make the IMF program safe as well.

00:51This is the right direction.

00:52Right now, there is an inflationary trend.

00:54It has stabilized.

00:55Global oil prices have fallen sharply.

00:58The State Bank's reserves are at 9.5 billion dollars.

01:01So, there is no pressure on the currency.

01:03Inflation expectations are also downward trending for the business community.

01:08The risk to growth is still there.

01:11The investment to GDP indicator is at 13%.

01:14It is at a 50-16% low.

01:16The IMF has accepted that the monetary policy is stronger than expected.

01:25We want to secure the IMF program so that macro stability can be cemented.

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Transcript

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