Karachi: (PNP News) The State Bank announced a new monetary policy and increased the interest rate from 16 to 17 percent.
State Bank Governor Jameel Ahmed announced the monetary policy in a press conference and said that the interest rate is increasing by one percent, which has increased the interest rate from 16 to 17 percent.
Jameel Ahmad Khan said that the growth rate may remain below 2%, if the pressure on the economy continues, there is a risk of inflation, he said that after the ninth review of the IMF, dollars will come, which will improve the situation. .
Governor State Bank said that the current account deficit in the 6 months of the current financial year was 3.7 billion dollars. Growth may remain below 2 percent.
Jameel Ahmad Khan said that inflation is strong, price stability is essential, debt repayments have an impact on our reserves, we are running according to our target, current account deficit is 3.7 billion dollars from July to December, imports. There is a significant difference, due to import, export problems will have a negative impact on growth.
The governor of State Bank said that two billion dollars have been paid in interest, one billion dollars more interest has to be paid in the next four to five months, huge loans were returned from July to January, action was taken on illegal buying and selling of dollars. is being taken.
He said that in the first 7 months of the current financial year, very large loans have been repaid, 9 billion dollars of debt have been paid, 6 billion dollars have been rolled over, less than 3 billion dollars of debt has been paid in the last few months of this financial year. have to do
Governor State Bank further said that the action against the banks is still taking a little time, the uncertainty of the global market is also affecting Pakistan, the Ministry of Finance is in touch with the IMF, progress will be made soon. On the question of mini budget, he said that the finance ministry will give the answer.
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