The National Savings on Saturday announced an increase in profit on standard income certificates and savings accounts.
A handout released today states that the interest rate on regular income certificates has increased to 12.6%, and the profit on savings accounts has increased by 1.25 percent to 13.6 percent.
Pension Benefit, Behbud Saving, and Special Certificates in National Savings will continue to earn 14.16 percent and 13 percent profit, respectively.
To keep the balance between inflation and economic growth, the State Bank of Pakistan (SBP) on Thursday increased the monetary policy rate by 125 basis points to 15 percent for the following six weeks.
Following a meeting of the monetary policy committee, acting State Bank of Pakistan (SBP) governor Murtaza Syed made the announcement.
According to Murtaza Syed, inflation is rising globally and the most recent wave is being seen for the first time in fifty years. The SBP governor defended the interest rate rise by claiming that things could have become worse if it hadn’t been raised.
In the current fiscal year, he hoped that the inflation rate will maintain between 18 and 20 percent.
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