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SBP keeps policy rate unchanged at 12.5pc

Saturday, 30 Jan, 2010 5:16 pm

KARACHI : Pakistan State Bank on Saturday kept its key policy rate unchanged at 12.5 percent for February and March, SBP governor said, as it fights to sustain growth and keep inflation in check.

The State Bank of Pakistan cut its rate by 50 basis points to 12.5 percent on Nov. 24 after keeping it unchanged at 13 percent in September.

Bank governor Syed Salim Raza said average inflation for the 2009/10 (July-June) fiscal year was expected at 11 to 12 percent, down from 20.77 percent last year.

Inflation was 10.52 percent year-on-year in December, after hitting its slowest pace in 22 months in October.

But Raza said steps were needed to maintain the stability.

"Much has been gained with respect to macroeconomic stability in a challenging economic and security environment," Raza told a news conference.

"However, work needs to be done to consolidate the stability," he said.

Copyright Reuters, 2010

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