State Bank of Pakistan announces monetary policy
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KARACHI: The State Bank of Pakistan has announced the monetary policy of the Pakistan. SBP decided to keep its key policy rate unchanged at 5.75 percent on the back of continued momentum in economic growth and contained inflation rate.
Announcing its monetary policy after a committee meeting headed by Governor SBP Tariq Bajwa on Friday, the central bank said GDP growth was poised to reach its target of 6.0 percent for fiscal year 2018, backed by "an upbeat industrial outlook and a promising assessment of major crops".
"Macroeconomic environment remains conducive to growth without impacting headline inflation. Favorable initial estimates of major crops, a healthy growth in credit to private sector and growing productive imports all indicate solid gains in the real sector," said the central bank in its monetary policy statement.
“Based on current projections of agriculture sector growth, GDP growth is likely to reach the annual target of 6.0 percent for FY18 leading to an improved capacity to accommodate rising domestic demand," it said.
