Asia Economics & Strategy Daily: PK SBP MPC On Hold; Strategy: Why we still see IDR upside; SG MAS Steepens; CN Tax Rule

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Asia Economics & Strategy Daily: PK SBP MPC On Hold; Strategy: Why we still see IDR upside; SG MAS Steepens; CN Tax Rule

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27 Jul 2026 23:10:23 ET │ 14 pages

Asia Economics & Strategy Daily

PK SBP MPC On Hold; Strategy: Why we still see IDR upside; SG MAS

Steepens; CN Tax Rule

EM Asia Economics & Strategy

CITI'S TAKE

Johanna Chua AC

PK SBP MPC on hold as expected; Strategy - Why we still see IDR upside? +852-2501-2357

Take Profit on 1s5s INR NDOIS Steepener; Singapore - MAS Steepens “Very johanna.chua@citi.comSlightly” and Keeps Door Open for More Tightening; China - Closing the

ACOffshore Trust Tax Loophole; Upcoming events: RBA Governor to speak, US Rohit Garg

trade & CB consumer confidence. +65-6657-3471

rohit.garg@citi.com

State Bank of Pakistan kept policy rate on hold as expected (Johanna Chua)

Samiran Chakraborty

Pakistan’s central bank unanimously voted to keep policy rates unchanged at 11.5%,

Xiangrong Yuin line with Citi/market expectations. Despite resurgence of Mideast tensions and

still elevated core, SBP appears to take comfort in muted second-round effects from Adrienne Lui

the Middle East shock so far with inflation outturns that have generally been on the

lower end of their expectations and some signs of moderating inflation Josh Williamson

expectations. Despite concerns about elevated food inflation, the government's

plan to import 1mn tons of wheat is anticipated to provide relief. SBP is also Wei Zheng Kit

reassured by the performance of the external account position, with very contained Helmi Arman

CAD, and FX reserves having significantly improved in FY26 notwithstanding recent

decline in July and external debt service payments projected to decrease in FY27. We Jin-Wook Kim