The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) on Monday decided to keep the benchmark policy rate unchanged at 11.5%, in line with market expectations.
The decision was announced by SBP Governor Jameel Ahmad during a post-meeting press conference.
"The Monetary Policy Committee has decided to maintain the policy rate at 11.5%," the governor said.
Decision matches market expectations
Ahead of the announcement, most economists and financial analysts had predicted that the central bank would leave the policy rate unchanged as it balances inflation risks with the need to support economic growth.
According to surveys conducted by brokerage houses, more than 90% of economists and market participants expected the SBP to maintain the existing rate, while only a small number anticipated a modest increase.
Business community sought rate cut
The decision comes despite repeated calls from the business community for lower interest rates to reduce borrowing costs, encourage investment and stimulate economic activity.
Businesses have argued that a lower policy rate would help revive industrial production and support private-sector growth.
Interest rate history
The State Bank reduced the policy rate by 50 basis points to 10.5% in December 2025.
However, it increased the benchmark rate by 100 basis points to 11.5% in April 2026, citing economic considerations.
The central bank has maintained the policy rate at 11.5% since then.
