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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 keeps policy rate unchanged at 12.5 pct Reuters - Sunday, January 31 Send IM Story Print By Sahar Ahmed KARACHI, Jan 30 - Pakistan's central bank on Saturday kept its key policy rate unchanged at 12.5 percent for February and March, the bank's governor said, as it fights to sustain growth and keep inflation in check. The State Bank of Pakistan cut its rate by 50 basis points to 12.5 percent on Nov. 24 after keeping it unchanged at 13 percent in September. Bank governor Syed Salim Raza said average inflation for the 2009/10 fiscal year was expected at 11 to 12 percent, down from 20.77 percent last year. Inflation was 10.52 percent year-on-year in December, after hitting its slowest pace in 22 months in October at 8.87 percent. Raza said inflation still posed a threat. "The inflation outlook for full FY10, nevertheless, remains somewhat vulnerable to the effects of fiscal consolidation efforts and to incipient international commodity price pressures," Raza told a news conference. The bank had been expected to keep the policy rate steady. A Reuters poll this month found 10 of 11 analysts expected the central bank to keep the rate unchanged at 12.5 percent. [ID:nSGE60P03L] Raza said progress had been made with respect to macroeconomic stability, given economic and security problems. "However, work remains to be done to consolidate the stability and set the stage for sustainable recovery," he said. Pakistan's economy has been hit hard as it battles Islamist militants in the northwest. Analysts said the central bank had acted prudently given the danger of inflation and slower foreign fund inflows. "The uncertainity of non-IMF inflows, and with inflation bouncing back and pressure on the rupee, the central bank has taken the right decision," said Mohammed Sohail, chief executive at Topline Securities. An IMF loan package of $7.6 billion agreed in November 2008 helped avert a balance of payments crisis and shore up reserves. The IMF increased the loan to $11.3 billion in July last year and the central bank received the fourth tranche in December. Finance Minister Shaukat Tarin said this week gross domestic product growth for the fiscal year is projected at 3.4 percent, compared with an earlier estimate of 3.3 percent. [ID:nSGE60Q0JG] (Reporting by Sahar Ahmed; Writing by Faisal Aziz; Editing by Robert Birsel) Recommend Send IM Story Print Related Articles US-BUSINESS Summary Reuters - 2 hours 28 minutes ago Obama to propose permanent Build America Bonds Reuters - 2 hours 29 minutes ago WRAPUP 9-China, U.S. feud over Taiwan arms sales Reuters - 2 hours 34 minutes ago China will move on yuan when stimulus packages end: banker AFP - Sunday, January 31 New Mexico bill first step toward carbon storage AP - Sunday, January 31 News Search Top Stories Gandhi ashes scattered off South Africa Italy halts bluefin fishing for a year: EU Bankers resigned to reform after Davos bust-up State debt to become 'biggest problem': IMF chief Got a decision to make? Have some sugar, study says More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Davos ends with recovery warning after banking bust-up US angers China with Taiwan arms package Turkish twins with different fathers 'trigger divorce' Blair says no regrets for removing Saddam Disease spreads in quake-hit Haiti More Most Viewed » Woman who saved Anne Frank's diary dead at 100 Scientists praise Obama as Doomsday clock reset 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 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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