The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) decided to maintain the policy rate at 11% during its meeting today, September 15, 2025. This decision comes with no adjustments, reflecting a steady approach to managing the country’s economy amid current conditions. The announcement, made public via an official statement, highlights the SBP’s focus on stability as inflation trends remain under observation.
Details of the Decision
The MPC meeting, held on Monday, reviewed the latest economic indicators before opting to keep the rate unchanged. Key points from the decision include:
- Stable Inflation: Recent data suggests inflation has moderated, supporting the decision to hold the rate.
- Economic Outlook: The committee noted modest growth, with the rate providing a balance between controlling inflation and supporting recovery.
- Previous Trend: The rate had been reduced gradually from 15% in November 2024 to 11% by July 2025, as shown in the SBP’s latest chart.
This marks the first meeting since the last adjustment, indicating a pause to assess the impact of earlier cuts. Full details are available on the SBP’s website.
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Economic Context
The decision to maintain the 11% rate comes as Pakistan navigates a complex economic landscape. The SBP has been lowering rates since late 2024 to stimulate growth, but today’s hold suggests caution. Factors influencing this include:
- Inflation Control: After peaking at 15% last year, inflation has eased, though core pressures persist.
- Rupee Stability: The Pakistani rupee has shown resilience, reducing the need for aggressive rate changes.
- Global Factors: International oil prices and global monetary policies also play a role in shaping local rates.
The SBP aims to keep inflation within a target range while fostering economic activity, a delicate balance reflected in today’s outcome.
Implications for Businesses and Consumers
Holding the policy rate steady affects various sectors. Businesses may see continued access to affordable credit, while consumers could benefit from stable loan and deposit rates. However, experts suggest watching future data closely.
- Borrowing Costs: The 11% rate keeps borrowing manageable for small and medium enterprises.
- Savings: Fixed deposit rates remain attractive for savers at current levels.
- Market Reaction: Stock markets may respond positively, as stability often boosts investor confidence.
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The SBP’s cautious stance could pave the way for further adjustments if economic conditions shift.
Check this recent X post from @StateBankofPakistan for the official take:
Looking Ahead
The MPC will meet again in the coming months to review progress. Today’s decision reflects a wait-and-see approach, with the next move depending on inflation trends and global economic signals. The SBP remains committed to supporting sustainable growth.
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