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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World PREVIEW-Pakistani c.bank likely to slash policy rate Reuters - Tuesday, November 24 Send IM Story Print * What: Pakistan's monetary policy for December and January * When: Tuesday 1200 GMT, Nov. 24 * A 50-100 basis-point rate cut seen on Tuesday By Sahar Ahmed KARACHI, Nov 23 - Pakistan's central bank is likely to cut its key policy rate by 50 or 100 basis points on Tuesday to spur economic growth which fell to its slowest in eight years, analysts said on Monday. The International Monetary Fund , which bailed out Pakistan to avert a balance of payment crisis in 2008, has repeatedly urged caution on cutting interest rates unless "economic and financial conditions permit." At its previous review in September the State Bank of Pakistan kept the policy rate unchanged at 13 percent after cutting it by 100 basis points in August. "With inflation at a 22-month low, coupled with an improving external position, a cut in the policy rate is likely," said Mohammed Sohail, chief executive at Topline Securities. The central bank is due to announce its monetary policy decision on at 5 p.m. Tuesday. Analysts said the central bank would cut the policy rate to spur growth which had slipped to 2 percent in the 2008/09, the lowest since 2000/2001, in the the last fiscal year ended in June. But some expect the central bank to remain cautious and cut rates by 50 basis points to 12.5 percent as continued government spending and rising commodity prices pose a threat to inflation. In August, the IMF said in a review that its staff argued that rates should remain on hold until core inflation shows a further significant decline. [ID:nISL427802] Pakistan's consumer price index rose 8.87 percent in October, the slowest pace in 22 months, according to official data. [ID:nISL478545] Core inflation has eased to 11 percent last month from 12.6 percent in August. Inflation peaked at a record high of 25.3 percent in August 2008 because of higher commodity and oil prices before easing in 2009. Pakistan pledged to keep its fiscal deficit at 4.9 percent of gross domestic product in the 2009/10 fiscal year under a deal with the IMF. The Finance Ministry has yet to report figures for the first quarter of this fiscal year but analysts expect the deficit to overshoot the target by 0.3 percent. However, central bank governor Salim Raza said this month the country should meet the fiscal deficit target for the first six months of 2009/10 fiscal year. [ID:nLB120506] Pakistan agreed to a $7.6 billion IMF loan over two years in November last year. The IMF increased the loan by $3.2 billion in July. More than $5 billion has been released. (For more Reuters coverage of Afghanistan and Pakistan, see: http://www.reuters.com/news/globalcoverage/afghanistanpakistan) ((E-mail: sahar.ahmed@thomsonreuters.com; Reuters Messaging: sahar.ahmed.reuters.com@reuters.net; Karachi newsroom: +92-21 3568 5192)) (If you have a query or comment about this story, send an e-mail to news.feedback.asia@thomsonreuters.com) Recommend Send IM Story Print Related Articles Gold hits record above $1,170/oz as dollar slides Reuters - 1 hour 19 minutes ago Falling Chicago Fed index bodes ill for U.S. recovery Reuters - 1 hour 25 minutes ago Wall St opens higher after Bullard comments Reuters - 1 hour 27 minutes ago US STOCKS SNAPSHOT-Wall St opens higher after Bullard comments Reuters - 1 hour 33 minutes ago Citi, UBS rank low in S&P new capital ratio study Reuters - 1 hour 36 minutes ago News Search Top Stories Atlantis astronauts begin third and last spacewalk U2 to headline Glastonbury festival Atlantis astronauts begin final spacewalk Executives testify in Airbus insider trading probe OECD area shakes off recession with fragile rebound More Top Stories » Most Popular Most Viewed Most Recommended Antarctic ice loss vaster, faster than thought: study BA warns cabin crew over strike: report Crisis forcing hard-up Spaniards to sell their hair Harnessing the power of salt, Norway tries osmotic power US economy will 'bounce back': Indian PM More Most Viewed » Alcohol helps cut heart disease risk for men: study More Most Recommended » Elsewhere on Yahoo! 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