KARACHI: State Bank of Pakistan has announced monetary policy for the next two months. The SBP has kept the interest rate unchanged at 7% for the next two months.

A meeting of the Monetary Policy Committee chaired by Governor SBP Raza Baqir has decided to maintain the interest rate at 7% for the next two months.

The meeting was informed that the interest rate has been maintained at 7% for four consecutive months. It was informed in the meeting of the Monetary Policy Committee that the reason for the rise in inflation was the recent rise in food prices.

This supply pressure is likely to remain temporary and the average inflation for the current financial year is expected to be 9.7%.

The meeting was informed that Corona was given during the epidemic to boost growth over the next quarter. Financial, monetary and credit concessions should continue.

Average sales of petroleum products and vehicles in the first quarter exceeded pre-Corona epidemics in the fiscal year 2012, and cement sales are at an all-time high.