27/07/2008
|
State Bank may sound off monetary policy on 29th
|
KARACHI: State Bank of Pakistan is likely to announce the monetary policy on July 29 with a view to further tighten it as analysts said it would help rein in soaring inflation which is at a 30-year high. The State Bank is due to announce its monetary policy on July 29, sources told Reuters. The central bank will officially announce the date on Monday.
"To prevent the second round of inflation, monetary policy has to be tightened," said Muzammil Aslam, economist at KASB Securities Ltd. Inflation for June rose up 21.53 per cent, the highest since the 1970s, due to rocketing world prices of crude oil and food commodities.
The target for inflation in fiscal year 2008/09 (July to June) is 12 per cent which analysts feel will be hard to achieve. "The most likely trigger of better times would be a slowing in inflation but I'm not confident in forecasting a slowdown this year," said ING economist Tim Condon.-Reuters
|
|