Finance

Inflation begins the year with 10.3pc

Islamabad, Aug 1, 2019: CPI Inflation increased by 10.3 percent on year-on-year basis in July, 2019 as compared to an increase of 8.9 percent in the previous month, while 5.8 percent in July 2018.

On month-on-month basis, it increased by 2.3 percent in July 2019 as compared to an increase of 0.4 percent in the previous month, and an increase of 0.9 percent in corresponding month i.e. July 2018.

Inflation rate reached to almost 68 months high. Inflation rate in November 2013 stood at 10.90 percent before touching 10.30 percent this July.

SBP’s target CPI for FY20 is 11 percent while GoP’s is forecasting 13 percent.

Country’s foreign exchange reserves up by US$200 million

In this regard, Foreign exchange reserves of the SBP stand at US$7.77 billion, while those of Banks are up by US$45 million, to US$7.30 billion.

Country’s foreign exchange reserves, in total, are up by $200 million to $15.06 billion.

Central bank’s reserves are up on arrival of assistance from a consortium of banks.

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