{"id":104779,"date":"2026-02-09T15:14:18","date_gmt":"2026-02-09T10:14:18","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=104779"},"modified":"2026-02-17T12:33:25","modified_gmt":"2026-02-17T07:33:25","slug":"sbp-stability-monetary-policy","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/sbp-stability-monetary-policy.html","title":{"rendered":"SBP prioritises stability over aggressive easing"},"content":{"rendered":"\n<p>Karachi: The State Bank of Pakistan (SBP) has said it will prioritise economic stability and avoid bold or unconventional policy rate cuts, despite the prime minister\u2019s call for aggressive monetary easing. SBP Governor Jameel Ahmad stated that Pakistan has passed the most critical phase of its economic crisis and has now entered a stable period, with improving external balances, controlled inflation, and recovering foreign exchange reserves. He expects this stability to continue for at least the next two years.<\/p>\n\n\n\n<p>The central bank has completed the first stages of its recovery plan and will now support development finance initiatives aimed at promoting sustainable growth and strengthening productive sectors. Ahmad stressed that caution remains key, warning that aggressive rate cuts could destabilise inflation and undo hard-earned macroeconomic gains.<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/printing-of-new-design-banknotes.html\" target=\"_blank\" rel=\"noreferrer noopener\">Printing of new-design banknotes at advanced stage: SBP<\/a><\/p>\n\n\n\n<p>Key indicators show steady progress. The current account deficit, which peaked at 4.7% of GDP in 2022, turned into a surplus in 2025, mainly due to strong remittance inflows, and is expected to remain within 0%\u20131% of GDP. Inflation has stabilised between 5% and 7%, creating a more predictable economic environment, while foreign exchange reserves have improved despite moderate increases in imports, which have risen to about $6 billion monthly. Exports are mixed: non-food exports are growing at 5%\u20136%, but rice exports fell 47% during July\u2013December FY2026.<\/p>\n\n\n\n<p>To support exporters and industry, the government has introduced measures such as reduced electricity tariffs, adjustments to the Export Finance Scheme, and \u201cBlue Passports\u201d for top exporters to facilitate international trade. On the country\u2019s dependence on the IMF, Ahmad said the future will depend on Pakistan\u2019s fiscal discipline, noting that the ongoing USD 7 billion Extended Fund Facility (EFF) is expected to conclude by late 2027. He also clarified that lower policy rates do not automatically save the government money on interest payments, as they reduce SBP\u2019s earnings from monetary operations. Last year, the SBP transferred PKR2.4 trillion to the government, which is expected to drop to around Rs2 trillion this year due to lower interest rates.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karachi: The State Bank of Pakistan (SBP) has said it will prioritise economic stability and avoid bold or unconventional policy rate cuts, despite the prime minister\u2019s call for aggressive monetary easing. SBP Governor Jameel Ahmad stated that Pakistan has passed the most critical phase of its economic crisis and has now entered a stable period, with improving external balances, controlled inflation, and recovering foreign exchange reserves. He expects this stability to continue for at least the next two years. The central bank has completed the first stages of its recovery plan and will now support development finance initiatives aimed at promoting sustainable growth and strengthening productive sectors. Ahmad stressed that caution remains key, warning that aggressive rate cuts could destabilise inflation and undo hard-earned macroeconomic gains. Read: Printing of new-design banknotes at advanced stage: SBP Key indicators show steady progress. The current account deficit, which peaked at 4.7% of GDP in 2022, turned into a surplus in 2025, mainly due to strong remittance inflows, and is expected to remain within 0%\u20131% of GDP. Inflation has stabilised between 5% and 7%, creating a more predictable economic environment, while foreign exchange reserves have improved despite moderate increases in imports, which have risen&hellip;<\/p>\n","protected":false},"author":18,"featured_media":76277,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15016],"tags":[71163,71164,11728,61427,15224,62148,34475,6066,2631],"persona":[],"class_list":{"0":"post-104779","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-developments","8":"tag-exports-imports","9":"tag-fiscal-stability","10":"tag-imf","11":"tag-inflation","12":"tag-interest-rates","13":"tag-monetary-policy","14":"tag-pakistan-economy","15":"tag-sbp","16":"tag-state-bank-of-pakistan","17":"cat-15016-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SBP Focuses on Stability, Not Rate Cuts - Zameen News<\/title>\n<meta name=\"description\" content=\"To support exporters and industry, the government has introduced measures such as reduced electricity tariffs, adjustments to the Export...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/sbp-stability-monetary-policy.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SBP Focuses on Stability, Not Rate Cuts - Zameen News\" \/>\n<meta property=\"og:description\" content=\"To support exporters and industry, the government has introduced measures such as reduced electricity tariffs, adjustments to the Export...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/sbp-stability-monetary-policy.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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