The State Bank of Pakistan (SBP) recently announced its decision to keep the policy rate unchanged at 10.5%, in line with market expectations. In its statement, the central bank noted that although inflationary pressures have eased somewhat in recent months, price levels remain elevated, warranting a cautious monetary stance. Inflation has gradually declined from its peak, supported by government fiscal tightening, lower global commodity prices, and a more stable exchange rate. However, volatility in food and energy prices continues to weigh on household budgets.The SBP emphasized that the current interest rate aims to strike a balance between supporting economic growth and controlling inflation. While excessively high rates could dampen investment and consumption, premature monetary easing might risk a resurgence of inflation. Moreover, as Pakistan works to advance its assistance program with the International Monetary Fund (IMF), maintaining a stable interest rate helps bolster confidence among foreign investors and supports the rebuilding of foreign exchange reserves.Looking ahead, the central bank stated it will closely monitor domestic and external economic indicators—particularly inflation trends, fiscal deficit dynamics, and the external account position. If inflation continues to ease and macroeconomic fundamentals improve, a modest rate cut could be considered in the next quarter. For now, however, the SBP is expected to maintain a prudent and neutral policy stance.
巴基斯坦国家银行（SBP）近日宣布将政策利率维持在10.5%不变，这一决定符合市场普遍预期。央行在声明中指出，尽管近期通胀压力有所缓解，但整体物价水平仍处于高位，因此需要继续保持谨慎的货币政策立场。过去几个月，巴基斯坦通胀率从峰值逐步回落，主要得益于政府采取的财政紧缩措施、国际大宗商品价格走低以及汇率趋于稳定。然而，食品和能源价格波动仍对家庭支出构成压力。央行强调，当前利率水平旨在平衡经济增长与通胀控制之间的关系。一方面，过高的利率可能抑制投资和消费；另一方面，若过早放松货币政策，恐引发通胀反弹。此外，巴基斯坦正努力推进与国际货币基金组织（IMF）的援助计划，维持稳定的利率有助于增强外部投资者信心，并支持外汇储备的恢复。展望未来，央行表示将密切关注国内外经济数据，尤其是通胀走势、财政赤字状况及外部账户表现。若通胀持续下行且经济基本面改善，不排除在下一季度适度降息的可能性。但短期内，10icontrol仍将保持稳健中性的政策基调。
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