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Pakistan cuts interest rates unexpectedly to 5.75%

by ChemOrbis Editorial Team -
  • 23/05/2016 (15:00)
According to media reports, Pakistan’s central bank cut its benchmark interest rate for the first time since September to help support economic growth ahead of the government’s budget announcement for the new financial year. The State Bank of Pakistan cut its target policy rate to 5.75% from 6%, defying Bloomberg economists’ expectations calling for no rate change.

The central bank stated that macroeconomic conditions are improving and that inflation should remain below the annual average target of 6%. Consumer prices rose 4.2% in April, posting the fastest pace of growth since December 2014. Meanwhile, Prime Minister Nawaz Sharif had previously lowered the government’s growth forecast to 5% from 5.5% for the year ending June 30. Sharif is looking to boost the growth pace to 6% in the next year.
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