{"id":90295,"date":"2022-11-28T12:28:30","date_gmt":"2022-11-28T07:28:30","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=90295"},"modified":"2022-11-28T12:28:31","modified_gmt":"2022-11-28T07:28:31","slug":"sbp-hikes-key-policy-rate-16","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/sbp-hikes-key-policy-rate-16.html","title":{"rendered":"SBP hikes key policy rate to 16% amid inflation forecast"},"content":{"rendered":"\n<p>Karachi: The State Bank of Pakistan raised its benchmark policy rate by 100 basis points on Friday (November 25), bringing it to a two-decade high of 16%, news sources reported.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/sbp-green-energy-housing-sector.html\" data-type=\"post\" data-id=\"90284\" target=\"_blank\" rel=\"noreferrer noopener\">Academia calls on SBP to fund green energy in the housing sector<\/a><\/p>\n\n\n\n<p>The decision was made during the monthly Monetary Policy Committee (MPC) meeting, which was presided over by the SBP Governor. The meeting also raised its forecast for average inflation to 21-23% for the current fiscal year 2023, up from 18-20% previously.<\/p>\n\n\n\n<p>In a statement issued by MPC on Twitter, it announced that \u2018This [rate hike] decision is aimed at ensuring that elevated inflation does not become entrenched and that risks to financial stability are contained, thus paving the way for higher growth on a more sustainable basis.\u2019<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"twitter_widget_wrapper alia_embed_wrapper\"><div class=\"twitter_widget_border\"><!--ALIA start embed content--><blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">2\/3 This decision is aimed at ensuring that elevated inflation does not become entrenched &amp; that risks to financial stability are contained, thus paving the way for higher growth on a more sustainable basis. Higher food &amp; core inflation are key contributors to elevated inflation.<\/p>&mdash; SBP (@StateBank_Pak) <a href=\"https:\/\/twitter.com\/StateBank_Pak\/status\/1596110650002264067?ref_src=twsrc%5Etfw\">November 25, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><!--AliA end embed content--><\/div><\/div>\n<\/div><\/figure>\n\n\n\n<p>The SBP MPC has reduced the annual growth rate to 2% in light of the country&#8217;s devastating flood, which has damaged industrial and agricultural production. Additionally, the report noted that rising international fuel prices as a result of the Russia-Ukraine issue had slowed development even more.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-immoveable-properties-deemed-tax-form.html\" data-type=\"post\" data-id=\"90244\" target=\"_blank\" rel=\"noreferrer noopener\">FBR asks owners of immoveable properties to submit deemed tax form<\/a><\/p>\n\n\n\n<p>It is important to remember that the market previously forecast that the policy rate would be maintained to boost growth; nevertheless, the change in key policy rates is likely to slow the economy even more. Previously, the central bank had a 16% interest rate in July 1998 and kept it there until February 1999.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karachi: The State Bank of Pakistan raised its benchmark policy rate by 100 basis points on Friday (November 25), bringing it to a two-decade high of 16%, news sources reported. Read: Academia calls on SBP to fund green energy in the housing sector The decision was made during the monthly Monetary Policy Committee (MPC) meeting, which was presided over by the SBP Governor. The meeting also raised its forecast for average inflation to 21-23% for the current fiscal year 2023, up from 18-20% previously. In a statement issued by MPC on Twitter, it announced that \u2018This [rate hike] decision is aimed at ensuring that elevated inflation does not become entrenched and that risks to financial stability are contained, thus paving the way for higher growth on a more sustainable basis.\u2019 The SBP MPC has reduced the annual growth rate to 2% in light of the country&#8217;s devastating flood, which has damaged industrial and agricultural production. Additionally, the report noted that rising international fuel prices as a result of the Russia-Ukraine issue had slowed development even more. Read: FBR asks owners of immoveable properties to submit deemed tax form It is important to remember that the market previously forecast that the&hellip;<\/p>\n","protected":false},"author":84,"featured_media":76277,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[55097],"persona":[],"class_list":{"0":"post-90295","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-sbp-interest-rate-forcast","9":"cat-15017-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 hikes key policy rate to 16% amid inflation forecast - Zameen News<\/title>\n<meta name=\"description\" content=\"Karachi: The State Bank of Pakistan raised its benchmark policy rate by 100 basis points on Friday (November 25), bringing it to a two-decade high of 16%,\" \/>\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-hikes-key-policy-rate-16.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SBP hikes key policy rate to 16% amid inflation forecast - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Karachi: The State Bank of Pakistan raised its benchmark policy rate by 100 basis points on Friday (November 25), bringing it to a two-decade high of 16%,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/sbp-hikes-key-policy-rate-16.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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