Pakistan Taux d'intérêt

The State Bank of Pakistan left its benchmark policy rate unchanged at 11% in July, maintaining borrowing costs at their lowest level since March 2022. The decision surprised markets, which had widely expected another cut, given the continued moderation in inflation and increasing calls to support economic growth. Consumer price inflation eased to 3.2% in June, down from 3.5% in May, aligning with the government’s projected range of 3% to 4%. For the fiscal year ending June 30, average inflation fell to a nine-year low of 4.49%, a sharp decline from 23.4% the previous year. However, the SBP signaled caution amid rising imports and renewed pressure on the currency, which could reignite inflationary risks. The central bank began its easing cycle in June 2024, cutting rates from a record 22%. After a brief pause in March 2025 following a series of 10 bps cuts, the SBP resumed easing with a 100 bps cut in May, but held steady again in June amid tensions between Iran and Israel.