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Karachi: State Bank has announced a 1 percent increase in interest rates.
Chairman of the State Bank Jamil Ahmed announced the new monetary and credit policy during a press conference in Karachi. He said that the interest rate has been increased by 1 percent. with which the interest rate was increased from 16 to 17 percent.
Jamil Ahmed said that the foreign exchange reserves have decreased due to the repayment of loans. The committee was of the opinion that the interest rate should be increased by one percent to control the inflation rate, inflation is strong, price stability is necessary.
The Chairman of the State Bank said that 15 billion dollars have been paid out of the debt, 8 billion dollars should be paid in the remaining months of the fiscal year.
He said that $3 billion will be transferred, less than $3 billion must be paid in five months. The current account deficit in 6 months is 3.7 billion dollars, this year the current account deficit will be less than 9 billion. With a current account deficit of 10 billion and actual payments of 23 billion, our requirement for the fiscal year is $33 billion.
The chairman of the State Bank further said that the reason for the containers being stuck is the non-compliance with the order of the State Bank, the procedure for releasing the containers was given to the banks only to provide the requisites from the associations for the removal of the containers.