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STATE BANK OF PAKISTAN LIFTS DISCOUNT RATE TO REIN IN INFLATION.
KARACHI, Aug 1 Asia Pulse - The State Bank of Pakistan (SBP) Tuesday raised the discount rate from 12 per cent to 13 per cent for the next six months to counter inflationary pressures in the economy.
Discount rate is the rate at which commercial banks obtain money from the central bank for three days. Loans given to private businesses and individuals are priced on the basis of this rate.
Unveiling the monetary policy for the next six months at a press conference here, SBP Governor Dr Shamshad Akhtar said the move would also enable the government to raise funds from the commercial banks and retire loans obtained from the central bank.
"At current rates, the commercial banks are not willing to lend to the government. They want to get higher yields because they know the government needs money," she said.
She said the central board of directors of the SBP would communicate to the government that it should retire Rs 84 billion (US$1.2 billion) in FY08-Rs 21 billion in each quarter.
Fiscal coordination with the monetary policy stance is critical to achieve the desired impact of monetary tightening, particularly a commitment to scale down government borrowings from the central bank and to contain import growth, she added.
Dr Akhtar said the government's borrowing from the central bank reached Rs 689 billion in FY08 and the total stock stood at Rs 1.053 trillion.
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Source: HighBeam Research, STATE BANK OF PAKISTAN LIFTS DISCOUNT RATE TO REIN IN INFLATION.