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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Pakistan lowers interest rate as economy improves: official AFP - Sunday, August 16 KARACHI (AFP) - - Pakistan's central bank Saturday lowered its discount interest rate by one percentage point after acknowledging that the country's economy was showing resilience. ADVERTISEMENT Saleem Raza, the Governor of the State Bank of Pakistan, announced the rate cut after releasing improved economic indicators when presenting the bank's latest quarterly monetary report. "After the 100 basis points' decrease, the interest rate on money lent by the central bank to commercial or depository banks now stands at 13 percent," Raza told the news conference in Pakistan's financial capital, Karachi. In November, the bank had increased the discount interest rate by two percentage points to 15 percent in a bid to counter soaring inflation and stabilise a weakening currency. In April, the bank decreased the discount rate by one percentage point in a sign that the economy was stabilising. "We have, in a difficult year, seen steady improvement in key indicators following continued implementation of the macroeconomic stabilisation programme," Raza said. "Inflation continues to fall and our foreign exchange reserves have increased," he said. He added that, "these positives reflect contraction in aggregate demand, much-needed fiscal consolidation and an improved balance of payments position." However, he said, these achievements had not been without cost. "Exacerbated by electricity shortages and security issues, real GDP growth fell to two percent during the last fiscal year, down from 4.1 percent a year earlier," Raza said. "Large-scale manufacturing activity has already seen a record run of 11 consecutive months of decline up to May 2009. Further, there has been no growth in credit to the private sector. "Given the various structural constraints faced by the country in economic and security spheres, recovery could be slow and sporadic," he said. He said inflation had decreased but warned that increasing oil prices on the international market and Pakistan's own power tariffs could exert inflationary pressures. "The revival will be slow and sporadic. Power shortages and security issues have hurt growth and the likely increases in oil and power costs may renew inflationary pressure," he said. In November, the International Monetary Fund (IMF) set an increase in the discount rate as a pre-condition for a 7.6-billion-dollar credit line for Pakistan, to stave off a looming balance-of-payments crisis. The IMF agreed earlier this month to increase the loan to 11.3 billion dollars in response to gradual economic growth in Pakistan, which is currently engaged in a fight against Taliban insurgents. "We have a total of 11.85 billion dollars in foreign exchange reserves, of which the State Bank holds 8.36 billion dollars. We expect the State Bank's reserves to increase further in coming months," Raza said. Pakistan's current account deficit decreased from 7.5 percent to 5.3 percent during past 12 months, owing to reduced inflationary pressures, Raza said. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy Japan's big businesses expect recovery by mid-2010AFP - Sunday, August 16 Pakistan lowers interest rate as economy improves: officialAFP - Sunday, August 16 China to start cutting carbon emissions in 2050: FTAFP - Saturday, August 15 China Merchants Sec seeks $384 mln for fund stakeReuters - Saturday, August 15 Related Articles: Business Beantown showdown: JetBlue and Southwest face offAP - Sunday, August 16 ITC judge rules in favor of NokiaAP - Sunday, August 16 QNB Syria's $37 mln IPO almost twice oversubscribedReuters - Sunday, August 16 Qatar's Barwa profit up 35 pct on property, land salesReuters - Sunday, August 16 Pakistan cuts policy rate by 100 bps to 13 pctReuters - Sunday, August 16 Enlarge Photo Pakistan lowers interest rate as economy improves: official Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Don't brush with baldness: put down that comb Millions of salmon fail to turn up in Canada Hundreds mourn Kennedy sister at funeral Rare flowering of Chinese tree in Belgium US study uncovers powerful anti-cancer compound View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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