The profit rate offered on the National Savings Schemes was modified by the government on Saturday. The profit rate on Regular Income Savings Certificates has been increased by 24 points by the government to 12.60 percent.
The profit rate on Behbood (Welfare), Special Savings Certificates, and Pensioners, however, would not alter. The Special Savings Certificate’s profit rate, which is now 13 percent, will not change.
To keep the balance between inflation and economic development, the State Bank of Pakistan (SBP) on Thursday increased the monetary policy rate by 125 basis points to 15 percent for the following six weeks.
Following a meeting of the monetary policy committee, acting State Bank of Pakistan (SBP) governor Murtaza Syed made the statement.
According to Murtaza Syed, inflation is rising globally and the most recent wave is being seen for the first time in fifty years. The SBP governor defended the interest rate rise by claiming that things may have become worse if it hadn’t been raised.
In the current fiscal year of 2022–2023, he believed that the rate of inflation would remain between 18 and 20 percent.
To read our blog on “Pakistan Consumer Confidence Index (CCI) Q4 2021 report issued by Dun & Bradstreet and Gallup Pakistan” click here.
