InfoAnda - Pakistan in surprise rate rise, cites inflation risk

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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 Pakistan in surprise rate rise, cites inflation risk Reuters - Saturday, July 31 Send IM Story Print By Sahar Ahmed KARACHI, July 30 - Pakistan's central bank unexpectedly increased its key policy rate by 50 basis points to 13 percent on Friday as inflation and fiscal weakness is overshadowing improvement in the current account deficit and economic growth. The central bank's acting governor Yaseen Anwar said a change in monetary policy was needed to mitigate risks to economic stability. "Therefore, SBP is increasing the policy rate by 50 basis points to 13 percent with effect from Aug. 2," Anwar said. In a Reuters poll, 12 of 15 analysts expected the central bank to keep its policy rate unchanged for August and September. The rate decision came after Pakistan markets had closed but analysts said the move could trigger a drop in shares <.KSE> early on Monday, reversing a 0.9 percent gain on Friday. The State Bank of Pakistan , which meets to discuss monetary policy every two months, kept the rate unchanged at 12.5 percent on May 24. Inflation averaged 11.7 percent in the 2009/10 fiscal year ending in June, 2.7 percentage points higher than the central bank's target and Anwar said current trends and expected developments indicated that inflation risk would continue through the 2010/11 fiscal year. This is due to a rise in electricity prices, an increase in the general sales tax and a revision in government employees' wages. Anwar said Pakistan missed its fiscal deficit target of 5.1 percent for 2009/10 and it could be higher than 6.0 percent. Under an IMF programme agreed in November 2008 for a two-year emergency package totalling $10.66 billion, Pakistan's government also agreed to zero net borrowing from the state bank. According to official data, the government overshot that target by 41.93 billion rupees in 2009/10, a cause for concern among economists and analysts. "Clearly, such developments are inconsistent with the objectives of macroeconomic stability," Anwar said, adding that a deficit target of 4 percent of GDP for the 2010/11 fiscal year already seems challenging. The deficit could exceed 5.0 percent of GDP, he said. The central bank also stressed the need to "urgently" increase the tax-to GDP ratio and boost revenue for sustainable economic growth. Increased government borrowing from the central bank increases money supply, which in turn can fuel inflation. The IMF said in its country report on Pakistan last month that it had held discussions with the government focusing on the fiscal programme and also "a possible tightening of monetary policy to address the rebound in inflation". (For more Reuters coverage of Pakistan, see: http://www.reuters.com/places/pakistan) Recommend Send IM Story Print Related Articles FOREX-Dollar falls to 8-month low vs yen on U.S. data Reuters - 28 minutes ago Delta's Northwest pleading guilty to price fixing Reuters - 42 minutes ago US STOCKS SNAPSHOT-Profits lift stocks to best month in a year Reuters - 51 minutes ago Brookfield Properties to be pure-play office firm Reuters - 53 minutes ago DEALTALK-White knight could be elusive for Genzyme Reuters - 1 hour 25 minutes ago News Search Top Stories New BP boss vows to stay the course in Gulf clean-up Colombian guerrillas propose talks on conflict : video US growth slows fueling recovery fears US economic growth 'welcome sign' but more needed: Obama New boss vows no BP pullback from Gulf oil crisis More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Argentine students crack three-decade-old murder mystery Calcium supplements linked to heart attacks: study US Fed official warns of 'Japanese-style' stagnation At least 140 dead in DR Congo river disaster Shell defends deep-water oil production, as profits soar More Most Viewed » Parachuting donkey shocks Russian beachgoers Argentine students crack three-decade-old murder mystery World's first full face transplant man appears on TV Paris Hilton caught with cannabis in handbag Quark by quark, atom smasher closing in on 'God particle' More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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