Pakistan: SBP on pause as IMF optimism and lower trade deficit boost rupee

  • The SBP held its policy rate at 15% yesterday, in line with expectations, despite inflation rising to c25% yoy in July

  • Inflation is largely supply driven and domestic demand is starting to ease, reducing pressure on external accounts

  • IMF programme approval on the 29th could boost bonds, but reform outlook undermined by political uncertainty; retain Buy
August 23rd, 2022
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