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GDP growth may be less than 2 percentABBO News

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Abbo News

KARACHI (Daily Qudrat) State Bank of Pakistan Governor says GDP growth may remain less than 2 percent, there is continued pressure on foreign reserves, if pressure continues, inflation may rise. According to media reports, the Governor of the State Bank has announced a new monetary policy, according to which the State Bank has announced a one percent increase in the interest rate. The effects of the changes are being seen at the country level, there is constant pressure on the reserves currency, the inflation rate has decreased slightly in the months of November and December, but the rate is increasing throughout the year.
The Governor of the State Bank says that the interest rate has increased from 16 to 17 percent, the challenge is also being faced by large production, considering the external sector, it was inevitable to increase the base rate, if the pressure continues, inflation may increase. Looking at the financial issues, he decided to raise the interest rate, the trade deficit in the country is 3.7 billion dollars.
Further, during a press conference in Karachi, State Bank Governor Jameel Ahmed said that the Monetary Policy Committee has decided to increase the interest rate by 100 basis points, after which the interest rate is increasing from 16 to 17 percent. for one percent. He said there is a lag in new inflows, which is increasing pressure on reserves, there is uncertainty for Pakistan due to the global situation and the global situation is affecting remittances and exports.
Also, the State Bank has withdrawn the condition of prior approval of imports. The State Bank has issued instructions to banks regarding imports. The State Bank has said that banks should provide one-time import facility to all importers. 180 or more days payment terms will be extended to be the beneficiary, give priority to food, pharmaceutical and energy imports, the facility will also be available to importers whose goods have already arrived at the port, banks on March 31 shipping documents. Take action.

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