PAKISTAN BUDGET

Central bank announces key policy rates ahead of federal budget in Peshawar

epa11402644 A vendor waits for customers at a grocery shop in Peshawar, Pakistan, 10 June 2024. The State Bank of Pakistan (SBP) has reduced its key policy rate by 150 basis points to 20.5 percent, effective 11 June 2024, marking the first cut in four years. The decision follows a significant decline in inflation and subsiding inflationary pressures amidst tight monetary policy and fiscal consolidation. Despite potential risks from upcoming budgetary measures and energy price adjustments, the SBP expects the cumulative impact of previous monetary tightening to keep inflation in check. The central bank emphasized that future policy decisions will be data-driven, with a focus on evolving inflation outlook and economic developments. The Pakistani government will present its annual budget on 12 June at Parliament. EPA/ARSHAD ARBAB

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