--- title: "SBP keeps policy rate unchanged at 11.5% amid inflation and Middle East risks" description: "Most outlets led with the State Bank of Pakistan’s decision to maintain the policy rate at 11.5%, with several also noting inflation concerns and rising oil prices as key factors. Some, like Daily Pakistan (English) and Pakistan Observer, highlighted the role of oil prices in fueling inflation fears, while others, such as Geo News and Business Recorder, emphasized the impact of Middle East tensions. A few, like ProPakistani and Profit, mentioned that this was the third or sixth consecutive meeting with no rate change. Overall, the framing was consistent in reporting the unchanged rate, but the emphasis on specific economic risks varied slightly across the coverage." url: https://harzaviya.com/stories/8214-central-bank-faces-inflation-crossroads-as-oil-and-rupee site: HarZaviya language: en --- # SBP keeps policy rate unchanged at 11.5% amid inflation and Middle East risks business · updated 15 Sep 2026, 6:40 AM PKT · 13–15 Sep 2026 · 18 articles from 16 outlets over 2 developments ## How it developed Newest development first. Each carries its own coverage and, where we have one, our summary of it. ### 14 Sep 2026 — SBP keeps policy rate unchanged at 11.5% amid inflation and Middle East risks (15 outlets) > Most outlets led with the State Bank of Pakistan’s decision to maintain the policy rate at 11.5%, with several also noting inflation concerns and rising oil prices as key factors. Some, like Daily Pakistan (English) and Pakistan Observer, highlighted the role of oil prices in fueling inflation fears, while others, such as Geo News and Business Recorder, emphasized the impact of Middle East tensions. A few, like ProPakistani and Profit, mentioned that this was the third or sixth consecutive meeting with no rate change. Overall, the framing was consistent in reporting the unchanged rate, but the emphasis on specific economic risks varied slightly across the coverage. - Policy rate: 11.5% for 14 Sep 2026 — 8 of 15 outlets published this figure — all eight agreed Figures as reported by Pakistani outlets. HarZaviya is not a price source. - **Business Recorder** — [SBP holds rate on inflation, ME risks](https://www.brecorder.com/news/40439522/sbp-holds-rate-on-inflation-me-risks) · 15 Sep 2026, 6:40 AM PKT > KARACHI: The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) on Monday decided to keep the policy rate unchanged at 11.5 percent, noting that recent domestic macroeconomic developments remained broadly in line with its expectations. Although risks to the inflation outlook have increased significantly, the MPC believes the FY27 inflation outlook remains broadly unchanged from... - **The Nation** — [SBP keeps policy rate unchanged at 11.5pc](https://www.nation.com.pk/15-Sep-2026/sbp-keeps-policy-rate-unchanged-11-5pc) · 15 Sep 2026, 5:14 AM PKT · 81% identical wording to the newest filing > ISLAMABAD - The Monetary Policy Committee (MPC) of the SBP has decided to keep the policy rate unchanged at 11. - **Aaj News (English)** — [SBP keeps policy rate unchanged at 11.5%](https://english.aaj.tv/news/330472307/sbp-keeps-policy-rate-unchanged-at-115) · 14 Sep 2026, 5:10 PM PKT · 83% identical wording to the newest filing > The State Bank of Pakistan (SBP) Monetary Policy Committee (MPC), in its second meeting in the fiscal year 2026-27, decided to keep the policy rate unchanged at 11.5%. The MPC met for the sixth time this calendar year. The decision was in line with market expectations. The SBP has held the rate steady since raising it by 100 basis points in April, its first increase in nearly three years, after... - **Profit** — [SBP keeps policy rate unchanged at 11.5% amid Middle East risks](https://profit.pakistantoday.com.pk/2026/09/14/sbp-keeps-policy-rate-unchanged-at-115percent-amid-middle-east-risks) · 14 Sep 2026, 4:16 PM PKT · 81% identical wording to the newest filing > MPC holds rates for sixth time this year, saying current monetary policy stance remains appropriate to steer inflation towards the 5-7% medium-term target - **Minute Mirror** — [SBP keeps policy rate unchanged at 11.5pc](https://minutemirror.com.pk/sbp-keeps-policy-rate-unchanged-at-11-5pc-629908/) · 14 Sep 2026, 4:14 PM PKT · 75% identical wording to the newest filing > The State Bank of Pakistan (SBP) has decided to maintain its key policy rate at 11.5 per cent, keeping borrowing costs - **ARY News (English)** — [Monetary policy: SBP retains interest rate 11.5 percent](https://arynews.tv/monetary-policy-sbp-retains-interest-rate-11-5-percent) · 14 Sep 2026, 4:12 PM PKT · 74% identical wording to the newest filing > The central bank announced the monetary policy after its Monetary Policy Committee (MPC) unanimously decided to retain the... - **Pakistan Observer** — [Monetary Policy Rate stays at 11.5% as soaring Oil Prices cloud Inflation Outlook](https://pakobserver.net/monetary-policy-rate-stays-at-11-5-as-soaring-oil-prices-cloud-inflation-outlook/) · 14 Sep 2026, 4:07 PM PKT · 81% identical wording to the newest filing > KARACHI – State Bank of Pakistan has kept its policy rate unchanged at 11.5%, opting for caution as improving economic… - **24 News HD** — [State Bank keeps policy rate unchanged at 11.5%](https://www.24newshd.tv/14-Sep-2026/state-bank-keeps-policy-rate-unchanged-11-5-percent) · 14 Sep 2026, 4:07 PM PKT · 80% identical wording to the newest filing > The State Bank of Pakistan’s Monetary Policy Committee (MPC) has unanimously decided to keep the policy rate unchanged at 11. - **Hum News English** — [State Bank keeps policy rate unchanged at 11.5%](https://humenglish.com/latest/state-bank-keeps-policy-rate-unchanged-at-11-5/) · 14 Sep 2026, 4:03 PM PKT · 76% identical wording to the newest filing > The State Bank of Pakistan (SBP) has kept its policy rate unchanged at 11.5 per cent, maintaining the benchmark interest rate at its current level. The decision was made by the central bank’s Monetary Policy Committee, which opted to maintain the benchmark rate amid the prevailing economic conditions. The Monetary Policy Committee had raised the benchmark rate to 11.50% in April in response to ... - **Dunya News** — [SBP keeps policy rate unchanged at 11.5pc](https://dunyanews.tv/en/Business/972772-sbp-keeps-policy-rate-unchanged-at-115pc) · 14 Sep 2026, 4:02 PM PKT · 81% identical wording to the newest filing > SBP keeps policy rate unchanged at 11.5%, citing economic conditions as Middle East tensions push global oil prices and inflation higher. - **ProPakistani** — [SBP Keeps Interest Rate Unchanged 3rd Meeting in a Row](https://propakistani.pk/2026/09/14/sbp-keeps-interest-rate-unchanged-3rd-meeting-in-a-row/) · 14 Sep 2026, 4:00 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. This… Read More - **Dawn** — [SBP keeps interest rate unchanged at 11.5pc](https://www.dawn.com/news/2029831/sbp-keeps-interest-rate-unchanged-at-115pc) · 14 Sep 2026, 3:57 PM PKT · 84% identical wording to the newest filing > The State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) on Monday kept the key policy rate unchanged at 11.5 per cent. Bankers had anticipated a status quo, but some analysts had predicted that the central bank would lift the policy rate by 50 points. The central bank had raised its policy rate to 11.5pc by 100bps on April 27 in response to rising global energy prices and supply chai... - **Geo News** — [SBP holds policy rate at 11.5% as Mideast tensions stoke inflation fears](https://www.geo.tv/latest/681973-sbp-holds-policy-rate-at-115-as-mideast-tensions-stoke-inflation-fears) · 14 Sep 2026, 3:56 PM PKT · 79% identical wording to the newest filing > An undated image of the State Bank of Pakistan building in Karachi. — AFP/FileThe State Bank of Pakistan on Monday kept its policy rate unchanged at 11.5%, as rising global oil prices and renewed hostilities in the Middle East fuel concerns over inflation.The... - **Daily Pakistan (English)** — [SBP keeps Interest Rate at 11.5% as Oil Prices fuel fresh Inflation Fears](https://en.dailypakistan.com.pk/14-Sep-2026/sbp-keeps-interest-rate-at-11-5-as-oil-prices-fuel-fresh-inflation-fears) · 14 Sep 2026, 3:55 PM PKT · 86% identical wording to the newest filing > KARACHI – State Bank of Pakistan (SBP) has decided to keep the policy rate unchanged at 11.5%, as the central bank weighs improving economic conditions against fresh inflation risks from higher oil prices and continued tensions in the Middle East. The decision was taken by the Monetary Policy Committee (MPC) at its second meeting of […] - **The Express Tribune** — [SBP keeps policy rate unchanged at 11.5%](https://tribune.com.pk/story/2629239/central-bank-keeps-policy-rate-unchanged-at-115) · 14 Sep 2026, 10:56 AM PKT · 74% identical wording to the newest filing > Monetary Policy Committee maintains the benchmark rate at its meeting on September 14 ### 13 Sep 2026 — SBP faces tough call as inflation surges (2 outlets) > Most outlets led with the State Bank of Pakistan's difficult decision on monetary policy amid rising inflation and global energy prices. BOL News emphasized the role of oil costs and exchange-rate signals in complicating the policy rate decision, while also noting analysts' expectations of stable rates. Minute Mirror framed the challenge broadly, focusing on the economic outlook and the central bank’s scheduled decision. - **BOL News** — [Central bank faces inflation crossroads as oil and rupee signals cloud policy rate decision](https://bolnews.com/business/central-bank-faces-inflation-crossroads-as-oil-and-rupee-signals-cloud-policy-rate-decision) · 13 Sep 2026, 11:14 AM PKT > Rising fuel costs and mixed exchange-rate signals complicate Pakistan's inflation outlook, pushing analysts to expect the SBP holding rates steady. - **Minute Mirror** — [SBP faces tough call as inflation surges](https://minutemirror.com.pk/sbp-faces-tough-call-as-inflation-surges-629279/) · 13 Sep 2026, 11:07 AM PKT · 81% identical wording to the newest filing > The State Bank of Pakistan (SBP) is facing a challenging decision over its monetary policy as renewed inflationary pressures and rising global energy prices complicate the economic outlook. The central bank is scheduled to announce its latest policy rate decision at the Monetary Policy Committee meeting on Monday. The key interest rate currently stands at 11.5 per cent after the SBP increased i... ## Part of a bigger story Other stories whose coverage resembles this one, nearest first. "% related" compares whole stories, not single articles — see [what the percentages mean](https://harzaviya.com/methodology). - [S&P expects cautious monetary policy amid economic improvements](https://harzaviya.com/stories/285-state-bank-of-pakistan-maintains-policy-rate-at-11-5) · 29 Jul 2026 · 14 outlets · 4 developments · 97% related - [SBP to announce monetary policy on September 14](https://harzaviya.com/stories/7274-state-bank-announces-monetary-policy-next-week-here-s-what) · 9 Sep 2026 · 3 outlets · 89% related - [SCCI reacts to State Bank maintaining 11.5% policy rate](https://harzaviya.com/stories/8535-business-community-split-over-sbp-move) · 17 Sep 2026 · 5 outlets · 2 developments · 81% related - [Pakistan’s central bank maintains key interest rate at 11.5 percent](https://harzaviya.com/stories/8425-pakistan-s-central-bank-holds-key-interest-rate-at-11-5) · 14 Sep 2026 · 2 outlets · 79% related - [SBP Maintains 11.5% Interest Rate Amid Business Community Discontent](https://harzaviya.com/stories/336-sbp-maintains-11-5-interest-rate-amid-business-community) · 28 Jul 2026 · 2 outlets · 77% related 18 articles from 16 outlets, 13–15 Sep 2026. 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