Pakistan keeps key discount rate unchanged at 10 percent
ISLAMABAD, March 15
ISLAMABAD, March 15 (Reuters) - Pakistan's central bank kept its key discount rate unchanged at 10 percent on Saturday, a central bank spokesman said, following a drop in consumer prices and a rally by the rupee currency.
The rupee has appreciated by more than 7 percent since the beginning of the month due to an increase in foreign investment and remittances from overseas Pakistanis as well as several foreign loans aimed at propping up the economy.
"The interest rate will stay unchanged at 10 percent for the next two months," the spokesman said.
The Finance Ministry has also attributed the currency's recovery to punitive action against exporters withholding export receipts abroad and warnings to foreign exchange speculators.
(Reporting by Syed Raza Hassan Writing by Maria Golovnina; Editing by Robert Birsel)
- Moscow fights back after sanctions; battle rages near Ukraine crash site |
- Obama to Republicans: ‘Stop just hatin’ all the time’
- Gaza toll soars as Israel 'days' from completing tunnel hunt
- Carnage at U.N. school as Israel pounds Gaza Strip |
- Argentina fails to reach debt agreement, default imminent |