FX.co ★ Pakistan Central Bank Leaves Key Rate Unchanged

The State Bank of Pakistan kept its benchmark policy rate unchanged at 11.5% at its meeting on September 14, 2026, maintaining borrowing costs for a third consecutive session in line with market expectations. Recent credit-rating upgrades and a record USD 3 billion bond issuance have highlighted an improvement in investor confidence. However, energy-dependent Pakistan remains exposed to external shocks, as the recent surge in global oil prices driven by conflict in the Middle East threatens to push up import costs and put renewed pressure on the country’s external accounts. Headline inflation accelerated sharply to 11.15% in August, more than tripling from 3.1% a year earlier and moving further above the SBP’s 5–7% target range.