Pakistan central bank expected to hold rates on Monday ahead of IMF deal, Reuters poll finds

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Pakistan central bank expected to hold rates on Monday ahead of IMF deal, Reuters poll finds
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KARACHI : Pakistan's central bank is widely expected to hold its key interest rate at a record 22 per cent for the seventh straight policy meeting on Monday as Pakistan gears up for an International Monetary Fund board approval and talks on a longer term programme.

A logo of the State Bank of Pakistan is pictured on a reception desk at the head office in Karachi, Pakistan July 16, 2019. REUTERS/Akhtar Soomro/File PhotoKARACHI : Pakistan's central bank is widely expected to hold its key interest rate at a record 22 per cent for the seventh straight policy meeting on Monday as Pakistan gears up for an International Monetary Fund board approval and talks on a longer term programme.

The median estimate in a Reuters poll of 14 analysts predicts the State Bank of Pakistan will hold rates steady.Eight respondents expect a rate cut before Pakistan signs a new programme with the IMF. There is another MPC meeting on 10 June 2024, which is possibly before Pakistan gets another IMF Programme.

Pakistan's key rate was last raised in June to fight persistent inflationary pressures and to meet one of the conditions set by the IMF for securing the bailout. Tahir Abbas, head of research at Arif Habib Limited said that the central bank is unlikely to cut rates before getting a new IMF programme."The monetary policy will also consider the inflationary outcome of tensions in the middle east and its impact of fuel prices, along with the Fed's delay in monetary easing," he added.

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