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 showcases smart solutions, tech innovation at ITCN Asia expo in Lahore
- ITCN Asia is Pakistan’s largest information and communications technology exhibition and conference
- It highlights developments in cybersecurity, cloud computing, AI, e-commerce and digital governance
ISLAMABAD: Pakistan is showcasing its growing technology sector at the 27th edition of ITCN Asia at the Expo Center in Lahore, bringing together innovators, startups, investors and policymakers for one of the country’s premier technology exhibitions, Pakistani state media reported on Saturday.
ITCN Asia is Pakistan’s largest information and communications technology exhibition and conference, which is regularly held to highlight developments in fields including cybersecurity, cloud computing, artificial intelligence, e-commerce and digital governance.
The three-day event, which began on Saturday, focuses on networking, knowledge-sharing and lead generation, with conferences facilitating a learning environment for tech enthusiasts and professionals.
Speaking at the inauguration ceremony, Information Technology Minister Shaza Fatima Khawaja called ITCN Asia a “distinguished” global event showcasing tech advancement in Pakistan, the Radio Pakistan broadcaster reported.
“Pakistan’s use of cybersecurity has put the country on the forefront of technological advancement and strengthened global trust in our technology sector,” she was quoted as saying.
The exhibition features more than 850 booths, over 3,000 global brands, international delegates, investors and government leaders, according to the organizers.
Pakistan’s Special Technology Zones Authority (STZA) is showcasing electric vehicle and electronics assembly by global brands, including BYD, Samsung and Google at the exhibition.
The STZA has set up a national pavilion at the exhibition with facilitation from the Special Investment Facilitation Council (SIFC), according to a statement issued by the cabinet division.
The move is part of Pakistan’s efforts to boost foreign investment in its technology sector as the country’s startups and software houses have attracted global interest in recent years. Pakistan’s IT exports rose by $180 million to $1,057 million during
July-September last year, compared with $877 million in the same period of 2024, according to the information technology ministry.
Pakistan’s technology sector is also advancing in AI and cloud computing, marked by the launch of Pakistan’s first sovereign AI cloud in November, designed to keep sensitive data domestic and support growth in the broader digital ecosystem.
