The State Bank of Pakistan kept its benchmark policy rate unchanged at 10.5% in March, as expected, extending the pause in its easing cycle. Policymakers cited heightened economic uncertainty as oil prices surged amid escalating tensions in the Middle East. Pakistan remains particularly vulnerable to rising energy costs due to its heavy reliance on imported fuel. A prolonged energy shock could also pressure the rupee and complicate the country’s commitments under its IMF stabilization program. Analysts warn the recent fuel price increase could push inflation to around 9.25% in the second quarter, with headline inflation having risen to 7% in February, the highest since October 2024. Meanwhile, the government’s 4.2% GDP growth target for the fiscal year ending July is becoming increasingly challenging amid the Middle East crisis, severe monsoon floods that displaced roughly three million people, and supply-chain disruptions linked to clashes with Afghanistan. source: State Bank of Pakistan

The benchmark interest rate in Pakistan was last recorded at 10.50 percent. Interest Rate in Pakistan averaged 11.62 percent from 1992 until 2026, reaching an all time high of 22.00 percent in June of 2023 and a record low of 5.75 percent in May of 2016. This page provides - Pakistan Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Pakistan Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on March of 2026.

The benchmark interest rate in Pakistan was last recorded at 10.50 percent. Interest Rate in Pakistan is expected to be 10.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Pakistan Interest Rate is projected to trend around 7.00 percent in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2025-12-15 11:00 AM Interest Rate Decision 10.5% 11% 11% 10.5%
2026-01-26 11:20 AM Interest Rate Decision 10.5% 10.5% 10% 10.0%
2026-03-09 10:00 AM Interest Rate Decision 10.5% 10.5% 10.5% 10.5%
2026-04-27 10:30 AM Interest Rate Decision 10.5%
2026-06-15 10:30 AM Interest Rate Decision


Related Last Previous Unit Reference
Foreign Exchange Reserves 21433.90 20971.70 USD Million Feb 2026
Interbank Rate 9.93 10.46 percent Jan 2026
Interest Rate 10.50 10.50 percent Mar 2026
Loans to Private Sector 8937513.32 9291309.25 PKR Million Jan 2026
Money Supply M0 13407014.00 13419243.00 PKR Million Jan 2026
Money Supply M1 36882799.00 36657129.00 PKR Million Jan 2026
Money Supply M2 42637073.00 43005189.00 PKR Million Jan 2026
Money Supply M3 46185548.00 46526669.00 PKR Million Jan 2026


Pakistan Interest Rate
In Pakistan, interest rates decisions are taken by the State Bank of Pakistan. On 23rd of May, 2015 the discount ceiling rate was replaced by a new official interest rate, the SBP Policy rate.
Actual Previous Highest Lowest Dates Unit Frequency
10.50 10.50 22.00 5.75 1992 - 2026 percent Daily

News Stream
Pakistan Keeps Policy Rate Steady at 10.5%
The State Bank of Pakistan kept its benchmark policy rate unchanged at 10.5% in March, as expected, extending the pause in its easing cycle. Policymakers cited heightened economic uncertainty as oil prices surged amid escalating tensions in the Middle East. Pakistan remains particularly vulnerable to rising energy costs due to its heavy reliance on imported fuel. A prolonged energy shock could also pressure the rupee and complicate the country’s commitments under its IMF stabilization program. Analysts warn the recent fuel price increase could push inflation to around 9.25% in the second quarter, with headline inflation having risen to 7% in February, the highest since October 2024. Meanwhile, the government’s 4.2% GDP growth target for the fiscal year ending July is becoming increasingly challenging amid the Middle East crisis, severe monsoon floods that displaced roughly three million people, and supply-chain disruptions linked to clashes with Afghanistan.
2026-03-09
Pakistan Holds Policy Rate at 10.5%
The State Bank of Pakistan kept its benchmark policy rate at 10.5% in January, surprising markets that had expected a cut to 10% following two reductions last year. Headline inflation eased to a three-month low of 5.6% in December, remaining within the 5–7% target range, with the central bank projecting inflation to stay within this range through FY26 and FY27. Economic activity remained robust, with Q1-FY26 GDP rising 3.7% year-on-year, up from 1.6% in the same period last year, driven primarily by industrial and agricultural sectors. GDP growth for FY26 is projected at 3.75–4.75%. On the external front, the current account deficit widened, but steady workers’ remittances and resilient ICT exports helped contain pressures. FX reserves have been building and are expected to exceed $18 billion by FY26-end. The MPC noted the current rate supports price stability and growth, highlighting coordination with fiscal policy and structural reforms.
2026-01-26
Pakistan Central Bank Surprises with 50bps Rate Cut
The State Bank of Pakistan cut its benchmark policy rate by 50 basis points to 10.5% in December, marking the second rate cut this year and surprising market expectations, which had forecast no change. The move followed the IMF’s approval of a $1.2 billion disbursement, which bolstered foreign exchange reserves to over $15.8 billion and enabled the government to service its debt. Inflation remained within the 5–7% target range between July and November FY26, supported by moderate global commodity prices and anchored expectations, though core inflation remains sticky. High-frequency indicators point to continued momentum in industry and agriculture, with large-scale manufacturing up 4.1% YoY in Q1-FY26 and wheat production expected to exceed targets. While exports face pressure amid global headwinds, robust FX reserves and improving fiscal balances provide room for policy support.
2025-12-15