SBP Keeps Policy Rate Unchanged at 11.5% for FY27

The State Bank of Pakistan (SBP) has decided to keep its benchmark policy rate unchanged at 11.5 percent to start the new fiscal year 2026-27.

This decision was made by the Monetary Policy Committee (MPC), which met on Monday and assessed that the macroeconomic outlook has improved since its previous meeting, although it remains susceptible to heightened risks, particularly following the resurgence of conflict in the Middle East.

The MPC observed that the earlier de-escalation had led to a decline in global oil prices and a relative easing of supply chain disruptions, resulting in some improvement in recent economic indicators. Headline and core inflation moderated in June, although both remained at elevated levels.