--- title: "S&P expects cautious monetary policy amid economic improvements" description: "Most outlets reported that S&P Global Market Intelligence anticipates Pakistan’s monetary policy will remain cautious due to inflationary pressures and external risks, despite an improving macroeconomic situation. The framing was largely consistent, with both excerpts highlighting the contrast between the economic recovery and the continued need for caution. No significant differences in emphasis were noted." url: https://harzaviya.com/stories/285-state-bank-of-pakistan-maintains-policy-rate-at-11-5 site: HarZaviya language: en --- # S&P expects cautious monetary policy amid economic improvements business · updated 29 Jul 2026, 7:22 AM PKT · 26–29 Jul 2026 · 27 articles from 14 outlets over 4 developments ## How it developed Newest development first. Each carries its own coverage and, where we have one, our summary of it. ### 29 Jul 2026 — S&P expects cautious monetary policy amid economic improvements (3 outlets) > Most outlets reported that S&P Global Market Intelligence anticipates Pakistan’s monetary policy will remain cautious due to inflationary pressures and external risks, despite an improving macroeconomic situation. The framing was largely consistent, with both excerpts highlighting the contrast between the economic recovery and the continued need for caution. No significant differences in emphasis were noted. - **Dawn** — [Still vulnerable](https://www.dawn.com/news/2019181/still-vulnerable) · 29 Jul 2026, 7:22 AM PKT > THE State Bank’s decision to hold the policy rate at 11.5pc is a prudent response to the heightened risks the economy faces on account of the renewed conflict in the Middle East. The economy has gained some measure of stability, but the foundations remain fragile. Inflation has moderated, but remains above the SBP target range of 5-7pc, even if the bank expects it to fall gradually, most likely... - **Business Recorder** — [S&P sees cautious monetary policy despite improving economy](https://www.brecorder.com/news/40432307/sampp-sees-cautious-monetary-policy-despite-improving-economy) · 29 Jul 2026, 5:20 AM PKT · 73% identical wording to the newest filing > ISLAMABAD: S&P Global Market Intelligence believes Pakistan’s monetary policy is likely to remain cautious despite an improving macroeconomic backdrop, as inflationary pressures and external risks continue to shape the country’s economic outlook. The State Bank of Pakistan’s Monetary Policy Committee has kept the policy rate unchanged at 11.5% in its July 2026 meeting. Commenting on this la... - **Daily Times** — [SBP likely to maintain caution as ME risks, inflation weigh, says S&P](https://dailytimes.com.pk/1530017/sbp-likely-to-maintain-caution-as-me-risks-inflation-weigh-says-sp/) · 29 Jul 2026, 3:51 AM PKT · 74% identical wording to the newest filing > S&P Global Market Intelligence believes Pakistan’s monetary policy is likely to remain cautious despite an improving macroeconomic backdrop, as inflationary pressures and external risks continue to shape the country’s economic outlook. The remarks came a day after the State Bank of Pakistan’s (SBP) Monetary Policy Committee kept the policy rate unchanged at 11.5%, citing heightened […] ### 28 Jul 2026 — SBP maintains key policy rate at 11.5% amid economic considerations (4 outlets) > Most outlets reported that the State Bank of Pakistan’s Monetary Policy Committee kept the key policy rate unchanged at 11.5 percent, citing an improved macroeconomic outlook but ongoing risks. Some excerpts added that S&P Global Market Intelligence predicted a cautious monetary policy approach due to inflation and external risks. Framing varied slightly, with some outlets emphasizing inflation concerns and others highlighting the broader economic backdrop and Middle East-related risks. - Policy rate: 11.5% for 27 Jul 2026 — 3 of 4 outlets published this figure — all three agreed Figures as reported by Pakistani outlets. HarZaviya is not a price source. - **Daily Times** — [Pakistan monetary policy to remain cautious: S&P](https://dailytimes.com.pk/1529869/pakistan-monetary-policy-to-remain-cautious-sp/) · 28 Jul 2026, 8:41 PM PKT > S&P Global Market Intelligence has released a report on Pakistan’s economy and State Bank monetary policy, predicting a cautious approach ahead. The report highlighted improving economic indicators while warning of inflation and external risks. According to the report, the State Bank of Pakistan has maintained its policy rate at 11.5%. S&P said the central bank […] - **ProPakistani** — [Pakistan Not Ready for Interest Rate Cuts Yet: S&P Global](https://propakistani.pk/2026/07/28/pakistan-not-ready-for-interest-rate-cuts-yet-sp-global/) · 28 Jul 2026, 4:38 PM PKT · 80% identical wording to the newest filing > S&P Global Market Intelligence expects the State Bank of Pakistan (SBP) to maintain a cautious monetary policy stance due to… Read More The post Pakistan Not Ready for Interest Rate Cuts Yet: S&P Global appeared first on ProPakistani. - **Business Recorder** — [SBP likely to maintain caution as Middle East risks, inflation weigh: S&P Global Market Intelligence](https://www.brecorder.com/news/40432179/sbp-likely-to-maintain-caution-as-middle-east-risks-inflation-weigh-sampp-global-market-intelligence) · 28 Jul 2026, 4:20 PM PKT · 88% identical wording to the newest filing > S&P Global Market Intelligence believes Pakistan’s monetary policy is likely to remain cautious despite an improving macroeconomic backdrop, as inflationary pressures and external risks continue to shape the country’s economic outlook. The remarks came a day after the State Bank of Pakistan’s (SBP) Monetary Policy Committee kept the policy rate unchanged at 11.5%, citing heightened external... - **The Nation** — [SBP keeps policy rate unchanged at 11.5pc](https://www.nation.com.pk/28-Jul-2026/sbp-keeps-policy-rate-unchanged-11-5pc) · 28 Jul 2026, 7:40 AM PKT · 70% identical wording to the newest filing > ISLAMABAD - The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) unanimously decided to keep the policy rate unchanged at 11. ### 27 Jul 2026 — SBP keeps policy rate unchanged at 11.5% in first MPC meeting of FY27 (12 outlets) > Most outlets reported that the State Bank of Pakistan (SBP) maintained the policy rate at 11.5% during its first Monetary Policy Committee (MPC) meeting of the fiscal year 2026-27. The decision was described as aligning with market expectations and was presented as a cautious or neutral stance. A few outlets, such as BOL News and Pakistan Observer, mentioned the context of geopolitical turmoil and global uncertainty as factors in the decision. Others, like Samaa, noted the contrast with business demands for lower interest rates. While most headlines and excerpts focused on the unchanged rate, some included additional framing, such as the central bank’s review of inflation and economic indicators. - Policy rate: 11.5% for 27 Jul 2026 — 6 of 12 outlets published this figure — all six agreed Figures as reported by Pakistani outlets. HarZaviya is not a price source. - **ARY News (English)** — [SBP retains policy rate at 11.5 percent](https://arynews.tv/sbp-retains-policy-rate-at-11-5-percent) · 27 Jul 2026, 7:17 PM PKT - **Samaa** — [SBP keeps policy rate unchanged at 11.5%](https://www.samaa.tv/2087354284-sbp-keeps-policy-rate-unchanged-at-11-5) · 27 Jul 2026, 4:27 PM PKT · 87% identical wording to the newest filing > The State Bank of Pakistan has maintained its benchmark policy rate at 11.5%, matching market expectations despite business demands for lower interest rates. - **Pakistan Observer** — [SBP Keeps Policy Rate Unchanged at 11.5%](https://pakobserver.net/sbp-keeps-policy-rate-unchanged-at-11-5/) · 27 Jul 2026, 4:16 PM PKT · 83% identical wording to the newest filing > The State Bank of Pakistan decided to keep the policy rate unchanged at 11.5 percent. The decision was taken unanimously… - **Aaj News (English)** — [State Bank keeps policy rate unchanged at 11.5%](https://english.aaj.tv/news/330465351/state-bank-keeps-policy-rate-unchanged-at-115) · 27 Jul 2026, 4:08 PM PKT · 81% identical wording to the newest filing > The State Bank of Pakistan (SBP) on Monday left its benchmark policy rate unchanged at 11.5%, as the central bank maintained its cautious monetary stance at the first Monetary Policy Committee (MPC) meeting of fiscal year 2026-27. The decision, taken during the MPC’s fifth meeting of the year, was widely expected by financial markets and analysts. The central bank had also kept the policy rate ... - **24 News HD** — [State Bank keeps policy rate unchanged at 11.5%](https://www.24newshd.tv/27-Jul-2026/state-bank-keeps-policy-rate-unchanged-11-5-percent) · 27 Jul 2026, 4:03 PM PKT · 82% identical wording to the newest filing > The State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC), in its first meeting in fiscal year 2026-27, decided on Monday to keep the policy rate unchanged at 11. - **BOL News** — [SBP keeps policy rate unchanged at 11.5% amid geopolitical turmoil and flood fears](https://www.bolnews.com/business/sbp-keeps-policy-rate-unchanged-at-11-5-amid-geopolitical-turmoil-and-flood-fears/) · 27 Jul 2026, 3:58 PM PKT · 76% identical wording to the newest filing > KARACHI:  In its first meeting of the fiscal year 2026-27, the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) has decided to hold the key interest rate steady at 11.5%, maintaining the status quo for the second consecutive month. The decision, announced on Monday, reflects a cautious central bank navigating a complex ... Read more The post SBP keeps policy rate unchang... - **Dawn** — [Central bank keeps policy rate unchanged at 11.5pc](https://www.dawn.com/news/2018718/central-bank-keeps-policy-rate-unchanged-at-115pc) · 27 Jul 2026, 3:57 PM PKT · 78% identical wording to the newest filing > The State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) on Monday kept the interest rate unchanged at 11.5 per cent. The decision was announced by SBP Governor Jameel Ahmed during a press conference. Analysts had expected the central bank to keep the rate unchanged, saying it would be difficult to maintain macroeconomic stability with sluggish growth. Surveys conducted by brokerage h... - **Dunya News** — [SBP keeps policy rate unchanged at 11.50pc](https://dunyanews.tv/en/Business/964879-sbp-keeps-policy-rate-unchanged-at-1150pc) · 27 Jul 2026, 3:54 PM PKT · 77% identical wording to the newest filing > The State Bank of Pakistan's Monetary Policy Committee will meet today to decide the policy rate for the next six weeks after reviewing inflation, economic indicators and global developments. - **ProPakistani** — [SBP Keeps Interest Rate Unchanged to Start FY27](https://propakistani.pk/2026/07/27/sbp-keeps-interest-rate-unchanged-to-start-fy27/) · 27 Jul 2026, 3:51 PM PKT · 74% identical wording to the newest filing > The State Bank of Pakistan (SBP) on Monday decided to keep its benchmark policy rate unchanged at 11.5 percent to… Read More The post SBP Keeps Interest Rate Unchanged to Start FY27 appeared first on ProPakistani. - **Business Recorder** — [SBP expected to keep policy rate unchanged in first MPC of FY27](https://www.brecorder.com/news/40431974/sbp-expected-to-keep-policy-rate-unchanged-in-first-mpc-of-fy27) · 27 Jul 2026, 11:20 AM PKT · 69% identical wording to the newest filing > The State Bank of Pakistan (SBP) Monetary Policy Committee (MPC) is expected to meet today (Monday), its first meeting in fiscal year 2026-27, to decide on the key interest rate. Last month, the central bank’s MPC decided to maintain the policy rate at 11.5%, stating that the current monetary stance remains appropriate to steer inflation towards the medium-term target range of 5-7%. Analysts th... - **The Express Tribune** — [SBP keeps policy rate unchanged at 11.5%](https://tribune.com.pk/story/2620561/sbp-keeps-policy-rate-unchanged-at-115-1) · 27 Jul 2026, 10:53 AM PKT · 78% identical wording to the newest filing > Central bank governor says inflation has declined gradually during the first six months of the year - **Arab News Pakistan** — [Pakistani analysts expect policy rate to remain unchanged amid US-Iran tensions](https://www.arabnews.pk/node/2652427/pakistan) · 27 Jul 2026, 10:07 AM PKT · 65% identical wording to the newest filing > ISLAMABAD: As tensions between the United States and Iran trigger uncertainty in global energy markets, Pakistani financial analysts said on Monday they expect the central bank to maintain the status quo as it gears up to announce the monetary policy today.  The State Bank of Pakistan’s (SBP) Monetary Policy Committee is scheduled to meet today after keeping its key policy rate at 11.5 per... ### 26 Jul 2026 — SBP Expected to Keep Policy Rate Unchanged Amid Gulf Uncertainty (2 outlets) > Most outlets reported that the State Bank of Pakistan is expected to keep its policy rate unchanged during its monetary policy meeting, citing uncertainty in the Gulf as a key factor. Dawn led with the expectation of an unchanged rate and noted the influence of heightened uncertainty, while Pakistan Observer similarly emphasized the likelihood of no change in the benchmark rate amid Gulf tensions. Coverage across the outlets was largely uniform in framing and emphasis. - **Pakistan Observer** — [SBP Likely to Keep Policy Rate Unchanged Amid Gulf Tensions](https://pakobserver.net/sbp-likely-to-keep-policy-rate-unchanged-amid-gulf-tensions/) · 26 Jul 2026, 1:29 PM PKT > The State Bank of Pakistan (SBP) is widely expected to leave its benchmark policy rate unchanged at its monetary policy… - **Dawn** — [Uncertainty in Gulf likely to keep policy rate unchanged](https://www.dawn.com/news/2018392/uncertainty-in-gulf-likely-to-keep-policy-rate-unchanged) · 26 Jul 2026, 8:57 AM PKT · 83% identical wording to the newest filing > KARACHI: The State Bank is widely expected to keep its policy interest rate unchanged at its monetary policy meeting on Monday (July 27), as policymakers are unlikely to alter the benchmark rate amid heightened uncertainty following the Gulf war. Economists, researchers and analysts are still assessing the war’s impact on Pakistan, but there is broad agreement that it pushed global oil prices a... ## Part of a bigger story Other stories whose coverage resembles this one, nearest first. 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