The State Bank of Pakistan (SBP) has raised the policy rate by 100 basis points (bps) to 11.50%. In a statement following its meeting held on Monday, the SBP’s Monetary Policy Committee said it had decided to raise the policy rate with effect from April 28.
The Monetary Policy Committee decided to raise the policy rate by 100 basis points to 11.50% w.e.f 28-Apr-2026 in its meeting held on 27-Apr-2026.
— SBP (@StateBank_Pak) April 27, 2026
Earlier in March, the SBP maintained its policy rate unchanged at 10.5% following its meeting on March 9.
The cautious pause in March was seen as support for ongoing macroeconomic stability efforts, building on prior rate reductions (including the 50 bps cut to 10.5% in December 2025), while allowing time to monitor energy price dynamics, domestic inflation trends, and external account resilience.
The SBP emphasised in its previous many PMC statements a balanced approach to safeguarding price stability while nurturing sustainable growth recovery.