Business

Monetary policy to be announced on May 20

Monetary policy to be announced on May 20

KARACHI – State Bank of Pakistan (SBP) will announce monetary policy for next two months on May 20.

The State Bank has also issued a statement in this regard.

Meanwhile, experts said that the interest rate is likely to increase by one percent in the new policy.

On the other hand, the value of the US dollar against the Pakistan rupee hit another all-time high at Rs149 after gaining Rs2 in the interbank market.

It is believed that the sudden devaluation of local currency against the US dollar and the greenback hitting an all-time high of Rs149 is interlinked with the government’s commitments to the IMF.

Let it be known the value of the US dollar against the Pakistan rupee reached approximately Rs147 on Thursday (yesterday) after gaining Rs5.60 in the open market.