State Bank keeps key discount rate unchanged at 10pc

ISLAMABAD: The State Bank of Pakistan kept its key discount rate unchanged at 10 per cent on Saturday, a spokesman said, following a drop in consumer prices and a rally by the rupee currency. The rupee has appreciated by more than 7 per cent since the beginning of the month due to an increase in foreign investment and remittances from overseas Pakistanis as well as several foreign loans aimed at propping up the economy. Related: New monetary policy stance may set economic direction “The interest rate will stay unchanged at 10 per cent for the next two months,” the spokesman said. The finance ministry has also attributed the currency’s recovery to punitive action against exporters withholding export receipts abroad and warnings to foreign exchange speculators.—Reuters