First monetary policy of the year announced, interest rate remains 10%
Governor State Bank said that achieving the target to collect Rs 2810 in tax is a challenge.
KARACHI (Dunya News) – The first monetary policy of the current fiscal year was announced on Saturday, maintaining the interest rate at 10% continuously for the fourth time, Dunya News reported.
Governor State Bank said that achieving the target to collect Rs 2810 in tax is a challenge.
While announcing the monetary policy, the Governor State Bank Ashraf Mahmood Wathra said that economic indicators have improved, adding that country’s financial reserves have increased.
He claimed that the inflation rate was 6% for the past year, adding that it is less than those of the previous years’ i.e. 10%.
Governor State Bank projected the inflation rate for the current fiscal year to stay at 7.5% to 8.5%.
He said that the provision of loans to the private sector in the previous year was at highest level in the past six years.
Governor said that the budget deficit can be dealt with through tax reforms, adding that the tax rate has been maintained at 10% for next two months.
