{"id":726,"date":"2026-04-27T15:43:36","date_gmt":"2026-04-27T15:43:36","guid":{"rendered":"https:\/\/diplomag.com.pk\/?p=726"},"modified":"2026-04-27T15:43:39","modified_gmt":"2026-04-27T15:43:39","slug":"sbp-raises-interest-rate-by-100-basis-points-to-11-5","status":"publish","type":"post","link":"https:\/\/diplomag.com.pk\/index.php\/2026\/04\/27\/sbp-raises-interest-rate-by-100-basis-points-to-11-5\/","title":{"rendered":"SBP raises interest rate by 100 basis points to 11.5%"},"content":{"rendered":"\n

KARACHI<\/strong>: In a move that defied market expectations, the State Bank of Pakistan\u2019s (SBP) Monetary Policy Committee (MPC) announced a sharp 100 basis point increase in the policy rate, raising it to 11.5%, effective April 28, 2026. The decision, revealed after the MPC meeting held earlier today, caught analysts off guard.<\/p>\n\n\n\n

Arif Habib Limited (AHL) had published a detailed preview arguing forcefully for maintaining the status quo at 10.5%. “Given the supply-driven nature of current inflationary pressures, responding with tightening risks a policy error,” AHL had noted, pointing to transient base effects and contained core inflation.<\/p>\n\n\n\n

Arif Habib Limited acknowledged that “calls for tightening have gained some traction, particularly around IMF considerations,” but maintained that at 10.5%, policy was already in restrictive territory. Their survey showed only 17% had predicted a 100 bps hike, with 61% expecting no change.<\/p>\n\n\n\n

The SBP\u2019s move signals a decisive pivot, prioritising inflation anchoring over near-term growth support, even as the economy posts a 3.89% GDP expansion in Q2 and a $1.07 billion current account surplus in March.<\/p>\n\n\n\n

The next MPC meeting in June, alongside the federal budget, will now be watched closely for any signs of reversal\u2014or further tightening.<\/p>\n\n\n\n

Earlier in March, the SBP maintained its policy rate unchanged at 10.5% following its meeting on March 9.<\/p>\n\n\n\n

The cautious pause in March was seen as support for ongoing macroeconomic stability efforts, building on prior rate reductions (including the 50 bps cut to 10.5% in December 2025), while allowing time to monitor energy price dynamics, domestic inflation trends, and external account resilience.<\/p>\n\n\n\n

The SBP emphasised in its previous many PMC statements a balanced approach to safeguarding price stability while nurturing sustainable growth recovery.<\/p>\n","protected":false},"excerpt":{"rendered":"

KARACHI: In a move that defied market expectations, the State Bank of Pakistan\u2019s (SBP) Monetary Policy Committee (MPC) announced a sharp 100 basis point increase in the policy rate, raising it to 11.5%, effective April 28, 2026. The decision, revealed after the MPC meeting held earlier today, caught analysts off guard. Arif Habib Limited (AHL) […]<\/p>\n","protected":false},"author":3,"featured_media":722,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-726","post","type-post","status-publish","format-standard","has-post-thumbnail","category-china"],"yoast_head":"\nSBP raises interest rate by 100 basis points to 11.5% - Diplomag<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/diplomag.com.pk\/index.php\/2026\/04\/27\/sbp-raises-interest-rate-by-100-basis-points-to-11-5\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SBP raises interest rate by 100 basis points to 11.5% - Diplomag\" \/>\n<meta property=\"og:description\" content=\"KARACHI: In a move that defied market expectations, the State Bank of Pakistan\u2019s (SBP) Monetary Policy Committee (MPC) announced a sharp 100 basis point increase in the policy rate, raising it to 11.5%, effective April 28, 2026. 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