The State Bank of Pakistan (SBP) has successfully repaid a $2 billion loan over the past two years, according to Governor Jameel Ahmed.
Speaking on a television show, he announced that the country’s foreign exchange reserves have strengthened, and November 2024 is expected to record a $700 million current account surplus.
The SBP also projected a significant rise in remittances from overseas Pakistanis, estimating a total of $35 billion for the current financial year.
As part of efforts to support the economy, the central bank slashed the policy rate by 200 basis points to 13%, effective from December 17, 2024.
Pakistan’s inflation rate fell to 4.9% year-on-year in November 2024, driven by lower food inflation and reduced impact of gas tariff hikes.
The SBP’s proactive monetary policy aims to maintain financial stability while supporting sustainable economic growth.
