External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Macroeconomics

<ul><li>Contrary to market expectations of a rate cut of 50-100bps based on various polls, the central bank has maintained status quo and kept the rate unchanged at 11.0%.</li><li>As per MPC statement, the inflation outlook has worsened amidst higher-than-expected adjustment in energy prices especially gas prices.</li><li>SBP believes, at current rate of 11%, the real rate remains adequately positive to stabilize inflation in target range. Furthermore, trade deficit is also expected to pickup as economy is gradually gaining traction. Considering these macroeconomic outlook and emerging risks, MPC has maintained status quo.</li></ul>

Contrary to market expectations of a rate cut of 50-100bps based on various polls, the central bank has maintained status quo and kept the rate unchanged at 11.0%.As per MPC statement, the inflation outlook has worsened amidst higher-than-expected adjustment in energy prices especially gas prices.SBP believes, at current rate of 11%, the real rate remains adequately positive to stabilize inflation in target range. Furthermore, trade deficit is also expected to pickup as economy is gradually gaining traction. Considering these macroeconomic outlook and emerging risks, MPC has maintained status quo.

Pakistan Economy - SBP Kept The Policy Rate Unchanged At 11%; FX Reserves US$17.5Bn, Inflation 5-7%, And GDP Growth 3.25-4.25%, SBP Estimates For FY26