KARACHI: Pakistan’s central bank cut the key interest rate by 100 basis points to 19.5 percent, its governor said on Monday, a decision in line with expectations of investors and analysts.
The widely forecast move followed the bank’s decision to cut rates — from a record high of 22 percent — for the first time in nearly four years at its last meeting in June, as it signalled that soaring inflation was tempering.
Monday’s monetary policy meeting was the first since Pakistan’s government passed its budget and reached an agreement with the International Monetary Fund (IMF) for a $7 billion, 37-month loan program.
The program includes tough measures such as increased tax on farm income and raising electricity prices, prompting concern among poor and middle class Pakistanis grappling with the risk of further inflation and the prospect of higher taxes.
However, inflation has slowed in recent months. Pakistan’s consumer price index (CPI) rose 12.6 percent in June from a year earlier, giving the central bank room to cut rates, analysts said.
Pakistan’s central bank cuts key interest rate by 100 bps to 19.5 percent
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Pakistan’s central bank cuts key interest rate by 100 bps to 19.5 percent
- Monday’s monetary policy meeting was the first since Pakistan’s government passed its budget and reached an agreement with IMF for a $7 billion loan
- The program includes tough measures such as increased tax on farm income and raising electricity prices, prompting concern among poor and middle class
Pakistan leaders wish Saudi King Salman well after hospital admission for tests
- Pakistani PM and President express concern, pray for the King's swift recovery
- The official Saudi media has not shared the nature of the King’s visit to the hospital
ISLAMABAD: Pakistan’s prime minister and president on Friday expressed concern over the health of Saudi Arabia’s King Salman bin Abdulaziz, offering prayers and well wishes after state media said he had been admitted to hospital in Riyadh for medical examinations.
The Saudi Press Agency reported the King was undergoing medical tests at King Faisal Specialist Hospital in Riyadh, with no further information regarding the nature of the visit or his medical condition.
In a post on X, Prime Minister Shehbaz Sharif said Pakistanis held the Saudi King in high regard and were praying for his recovery.
“Deeply concerned by the news that Custodian of The Two Holy Mosques His Majesty King Salman bin Abdulaziz Al Saud is admitted in hospital for medical tests,” he said. “The people of Pakistan hold His Majesty in the highest esteem. We join our Saudi brothers and sisters in praying for His Majesty’s swift and complete recovery.”
President Asif Ali Zardari also conveyed his wishes, saying the entire Pakistani nation was praying for the Saudi King’s health and well-being, according to a statement issued by the presidency.
Pakistan has longstanding diplomatic and institutional ties with Saudi Arabia, and its leadership has consistently expressed deep respect for the Saudi royal family, particularly in view of the Kingdom’s religious significance and its role in the Muslim world.
