State bank releases 3rd Quarterly Report for the year 2019-20

State Bank of Pakistan has released 3rd Quarterly Report for for the year 2019-20.

According to the report released by the SBP, inflation will remain at 7-9% this financial year.

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The report also said that the inflation rate in July was higher than expected.

According to the report, inflation stood at 9.30% in July and it was also pointed out that rising prices of petroleum products have increased inflation.

1/5 #SBP releases 3rd Quarterly Report on “The State of #Pakistan’s #Economy” for the year 2019-20. For full report:
English: https://t.co/auCVEXeMo9
Urdu: https://t.co/qky1McggcE pic.twitter.com/8mHARAq5mr

— SBP (@StateBank_Pak) July 30, 2020

The SBP said that the rate of inflation in June was 8.6 per cent as compared to July this year.

It may be recalled that earlier it was reported that the inflation rate in the country has increased by 2.50% this year as compared to last year.

Earlier, Pakistan’s stocks have recovered all the losses caused by the COVID-19 pandemic, according to Bloomberg’s data Pakistan’s benchmark index, KSE-100 has performed the 2^nd best internationally in the last month.

According to the details, it has gained 47% since reaching the lowest this year on March 25.

It is to be noted that month of July was the best performing month in 17 years.