Pakistan’s central bank keeps interest rate on hold at 22 percent

The logo of the State Bank of Pakistan (SBP) is pictured on a reception desk at the head office in Karachi, Pakistan July 16, 2019. (Photo courtesy: REUTERS/FILE)
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Updated 18 March 2024
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Pakistan’s central bank keeps interest rate on hold at 22 percent

  • Interest rate unchanged for sixth straight meeting as per expectations of majority of analysts
  • Bank said although inflation rate eased in February, it remained high and subject to risks

KARACHI: Pakistan’s central bank on Monday held its key interest rate at 22 percent for the sixth straight policy meeting as inflation risks continued to loom.
The decision was in line with the expectations of a majority of analysts, although most are also expecting rate cuts from the second quarter of this year.
The bank said that although the inflation rate had eased in February, it remained high and subject to risks.
“This warrants a cautious approach and requires continuity of the current monetary stance to bring inflation down to the target range of 5–7 percent by September 2025,” the State Bank of Pakistan’s (SBP) monetary policy committee said in a statement.
Monday’s policy decision is the last ahead of the April expiry of a $3 billion Stand by Arrangement with the International Monetary Fund.
Pakistan’s key rate was last raised in June to fight persistent inflationary pressures and to meet one of the conditions set by the IMF for securing the critical bailout. 

 

 


High-speed passenger train kills 7 elephants crossing railway tracks in northeast India

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High-speed passenger train kills 7 elephants crossing railway tracks in northeast India

  • Since 2020, at least a dozen elephants have been killed by speeding trains across India’s Assam state
  • Wild elephants often stray into human habitations this time of year when rice fields are to be harvested

GUWAHATI: Seven wild Asiatic elephants were killed and a calf was injured when a high-speed passenger train collided with a herd crossing the tracks in India’s northeastern state of Assam early Saturday, local authorities said.

The train driver spotted the herd of about 100 elephants and used the emergency brakes, but the train still hit some of the animals, Indian Railways spokesman Kapinjal Kishore Sharma told The Associated Press.

Five train coaches and the engine derailed following the impact, but there were no human casualties, Sharma said.

Veterinarians carried out autopsies on the dead elephants, which were to be buried later in the day.

The accident site is a forested area around 125 kilometers (78 miles) southeast of Assam’s capital city of Guwahati. Railway tracks in the state are frequented by elephants, but Indian Railways said in a statement the accident location wasn’t a designated elephant corridor.

The Rajdhani Express train, traveling from Sairang in Mizoram state bordering Myanmar, was bound for the national capital of New Delhi with 650 passengers onboard when it hit with elephants.

“We delinked the coaches which were not derailed, and the train resumed its journey for New Delhi. Around 200 passengers who were in the five derailed coaches have been moved to Guwahati in a different train,” Sharma said.

Speeding trains hitting wild elephants is not rare in Assam, which is home to an estimated 7,000 wild Asiatic elephants, one of the highest concentrations of the pachyderm in India. Since 2020, at least a dozen elephants have been killed by speeding trains across the state.

Wild elephants often stray into human habitations this time of year, when rice fields are ready for harvesting.