SBP maintains policy rate at 10.5pc

The State Bank of Pakistan (SBP) on Monday maintained its key policy rate at 10.5 per cent.

The announcement was posted on the central bank’s X account. A formal statement by the Monetary Policy Committee is awaited.

Pakistan has begun to feel the economic fallout of the escalating conflict between the US-Israel against Iran, which has led to the closure of the Strait of Hormuz and triggered a sharp rise in global fuel prices.

In international markets, Brent crude is on track for a record one-day gain, as mounting geopolitical tensions place severe pressure on global energy supplies. Meanwhile, gold fell 2pc.

Prime Minister Shehbaz Sharif is expected to unveil an austerity plan on Monday in response to the unfolding global fuel crisis.

Last week, the government raised the prices of petrol and high-speed diesel by Rs55 per litre, the largest single increase on record, as the country began absorbing the first direct economic shocks of the ongoing regional conflict.

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