In the monetary policy meeting of the State Bank of Pakistan (SBP), 8 members voted to keep the interest rate unchanged while 2 members voted to cut the rate by 100 basis points.
According to the minutes of the NR meeting, GDP growth will remain at the level of 2 to 3 percent this fiscal year, and industrial production is expected to improve in the second half of the fiscal year.
The minutes further stated that the average annual inflation in developed countries is more than 2%, these countries do not lower interest rates due to high inflation. Emerging economies are cautious despite falling inflation.
The meeting minutes added that rising exports and falling imports reduced the current account deficit by 71 percent.
According to the minutes of the monetary policy meeting, the inflation rate fell from 28 percent in January to 23 percent by February, the inflation rate will continue to fall.
