Skip to main content

State Bank hikes 25 basis points in new Monetary Policy

ISLAMABAD: Governor State Bank of Pakistan on Thursday announced 25 basis points hike in the interest rate in a press conference here on the new monetary policy for the upcoming two months.

Governor central bank Tariq Bajwa’s announcement of 25 basis points hike has pushed the interest rate to 10.25 percent.

Earlier, the Monetary Policy Committee (MPC) of the central bank in its meeting in Islamabad decided the Monetary Policy.

The central bank had hiked the monetary policy rate by 150 basis points in November last year pushing the interest rate to 10 percent.

The State Bank has hiked the interest rate by overall 450 basis points with its fresh increase in interest rate since January in previous year.

Earlier, some economic analysts predicted further 50 to 100 basis points hike in interest rate by the central bank at its bi-monthly interest rate policy review meeting.

Other experts, however, had advised against the hike in interest rate insisting to leave the rate unchanged.

Pakistan’s central bank announces its policy on the interest rate after every two months in view of the ground realities of the national economy.

The bank’s policy rate, entails managing liquidity in the money market with the objective to keep the short-term interest rates stable and aligned with its policy.

The post State Bank hikes 25 basis points in new Monetary Policy appeared first on ARYNEWS.



from ARYNEWS http://bit.ly/2MGyxS0
Labels:

Comments

Post a Comment

Popular posts from this blog

Trump says he urged team to ‘slow’ COVID-19 testing

US President Donald Trump said Saturday he was encouraging health officials in his administration to slow down coronavirus testing, arguing that increased tests lead to more cases being discovered. The president has claimed falsely on several occasions that surges of COVID-19 in several states can be explained by greater numbers of diagnostic tests. At his first rally since the outbreak forced nationwide shutdowns in March, Trump told the crowd in Tulsa, Oklahoma that testing was a “double-edged sword.” The United States — which has more deaths and cases than any other country — has carried out more than 25 million coronavirus tests, placing it outside the top 20 countries in the world, per capita. “Here is the bad part: When you do testing to that extent, you are going to find more people, you will find more cases,” Trump argued. “So I said to my people ‘slow the testing down.’ They test and they test.” It was not clear from Trump’s tone if he was playing to the crowd, who ...
Post a Comment
Read more

IT ministry forms panel to review social media rules

ISLAMABAD: While uproar against the new rules to regulate social media continues from various segments of society, including parliamentarians, the Pakistan Federal Union of Journalists (PFUJ) and civil society, the information technology ministry on Friday formed a committee to review the rules. The federal cabinet approved the rules on Feb 11, but later after opposition from various quarters, including companies that manage different social media platforms, the prime minister announced that a fresh consultation process would be launched over the Citizens Protection (Against Online Harm) Rules 2020. The committee formed by the IT ministry is headed by Pakistan Telecommunication Authority Chairman Amir Azeem Bajwa while its members are Eazaz Aslam Dar, additional secretary of IT; Tania Aidrus, member of the Strategic Reforms Imple­mentation Unit, Prime Minister Office; and Dr Arslan Khalid, focal person on digital media at the PM Office. Federal Minister for Human Rights Dr Shireen Ma...
Post a Comment
Read more

IS confirms Baghdadi’s death, vows revenge

Abu Bakr al-Baghdadi.—AP BEIRUT: The Islamic State militant group confirmed the death of its leader Abu Bakr al-Baghdadi in a statement on Thursday and named his replacement as Abu Ibrahim al-Hashimi al-Quraishi. “We mourn you ... commander of the faithful,” said Abu Hamza al-Quraishi — presented as the group’s new spokesman — in an audio statement. Baghdadi, who led IS since 2014 and was the world’s most wanted man, was killed in a US special forces raid in Syria’s province of Idlib on Sunday. The group also confirmed the killing in another raid the following day of the group’s previous spokesman Abu Hassan al-Muhajir. The statement said the group’s legislative and consultative body convened after the 48-year-old Iraqi-born jihadist chief’s death. “The Islamic State shura council convened immediately after confirming the martyrdom of Sheikh Abu Bakr al-Baghdadi, and the elders of the holy warriors agreed” on a replacement, said the seven-minute message. Little is known abou...
Post a Comment
Read more