Islamabad: State Bank officials briefed the National Assembly’s Finance Committee on the country’s economic situation and said that Pakistan’s current account was in surplus and foreign exchange reserves have increased in the current fiscal year.
The meeting, chaired by the committee’s chairman Naveed Qamar, was informed that the economic growth rate in the fiscal year 2025 was 2.7 percent, while it is likely to reach 4 to 4.7 percent next year. According to officials, inflation will remain between 5 and 7 percent and the exchange rate is currently stable at an average level.
The committee members inquired why the interest rate has been maintained at 11 percent despite the low inflation? To this, the State Bank explained that the interest rate has been kept positive in view of future concerns and global market trends.
The meeting was also informed that the Monetary Policy Board includes three independent members and the next policy meeting will be held on September 15.