The State Bank of Pakistan left its benchmark policy rate unchanged at 11.5% at its July 27th, 2026 meeting, marking a second consecutive pause as policymakers cited an improving macroeconomic outlook. Headline inflation eased to 11.1% in June from 11.7% in May, reflecting lower global energy prices and favorable electricity tariff adjustments. Economic growth slowed to 4.0% in the first quarter of 2026, weighed by the Middle East conflict and the resulting rise in global energy prices. Looking ahead, the central bank expects stronger commodity-producing sectors to support services activity, with FY2027 GDP growth projected at 3.5%-4.5%. Inflation is forecast to gradually ease toward the upper end of the 5%-7% target range by June 2027. However, the outlook remains subject to uncertainty regarding geopolitical tensions and weather conditions, including El Niño effects, and potential fiscal slippages. source: State Bank of Pakistan

The benchmark interest rate in Pakistan was last recorded at 11.50 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 August of 2026.

The benchmark interest rate in Pakistan was last recorded at 11.50 percent. Interest Rate in Pakistan is expected to be 11.50 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 11.00 percent in 2027 and 9.00 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-04-27 10:30 AM Interest Rate Decision 11.5% 10.5% 10.5% 10.5%
2026-06-15 10:40 AM Interest Rate Decision 11.5% 11.5% 11.5%
2026-07-27 11:00 AM Interest Rate Decision 11.5% 11.5% 11.5%
2026-09-14 10:30 AM Interest Rate Decision 11.5%
2026-10-26 10:30 AM Interest Rate Decision
2026-12-14 10:30 AM Interest Rate Decision


Related Last Previous Unit Reference
Foreign Exchange Reserves 22442.10 23233.60 USD Million Jul 2026
Interbank Rate 11.54 11.72 percent Jul 2026
Interest Rate 11.50 11.50 percent Jul 2026
Loans to Private Sector 9600037.24 9172962.13 PKR Million Jun 2026
Money Supply M0 14447681.00 15010511.00 PKR Million Jun 2026
Money Supply M1 40854256.00 39276219.00 PKR Million Jun 2026
Money Supply M2 46859223.00 44970251.00 PKR Million Jun 2026
Money Supply M3 50516965.00 48604435.00 PKR Million Jun 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
11.50 11.50 22.00 5.75 1992 - 2026 percent Daily

News Stream
Pakistan Central Bank Holds Policy Rate at 11.5%
The State Bank of Pakistan left its benchmark policy rate unchanged at 11.5% at its July 27th, 2026 meeting, marking a second consecutive pause as policymakers cited an improving macroeconomic outlook. Headline inflation eased to 11.1% in June from 11.7% in May, reflecting lower global energy prices and favorable electricity tariff adjustments. Economic growth slowed to 4.0% in the first quarter of 2026, weighed by the Middle East conflict and the resulting rise in global energy prices. Looking ahead, the central bank expects stronger commodity-producing sectors to support services activity, with FY2027 GDP growth projected at 3.5%-4.5%. Inflation is forecast to gradually ease toward the upper end of the 5%-7% target range by June 2027. However, the outlook remains subject to uncertainty regarding geopolitical tensions and weather conditions, including El Niño effects, and potential fiscal slippages.
2026-07-27
Pakistan Keeps Policy Rate Unchaged at 11.5%
The State Bank of Pakistan left its benchmark policy rate unchanged at 11.5% on June 15, 2026. While recent geopolitical developments have been broadly positive, concerns over global oil prices continue to pose risks to the inflation outlook. Headline inflation accelerated to 11.7% in May 2026, exceeding the central bank’s 5%–7% target range and reaching its highest level since June 2024. Inflation is expected to remain in double digits over the coming months, driven by several risks, including higher domestic fuel prices, potential fiscal slippages, and uncertainty surrounding food prices amid weather-related challenges. Meanwhile, the economic growth rose to 3.7% in FY26, supported primarily by the services and industrial sectors, with contributions from agricultural activities. Looking ahead, economic activity is expected to moderate as spillovers from regional conflicts and adverse weather conditions continue to weigh on the outlook for FY27.
2026-06-15
Pakistan Hikes Policy Rate in Surprise Move
The State Bank of Pakistan raised its benchmark policy rate by 100 bps to 11.5% on April 27, 2026, surprising analysts who expected it to remain steady at 10.5%. This marked the first rate hike since June 2023, amid heightened economic uncertainty, with volatile oil prices from Middle East tensions clouding the inflation outlook. Policymakers said a tighter stance was needed to anchor inflation expectations and contain second-round effects of the current supply shock. The inflation rate in Pakistan quickened for the third month to 7.3% in March, the highest since August 2024, breaching the central bank’s 5–7% target range for the first time since October 2024, driven by energy costs, currency pressures, and structural supply constraints. The MPC assessed that the current supply shock may push inflation to double digits in the coming months before it starts to ease subsequently. However, inflation is expected to stay above the upper bound of the target range for most of FY27.
2026-04-27