State Bank of Pakistan (SBP) has cut down the interest rate from 15 to 14 percent effective April 21. While announcing the monetary policy for the third-quarter of the current fiscal year in a press conference here, SBP Governor, Salim Raza disclosed this. He said that the inflation for next year was expected to remain at 8 percent. Cut down in expenditures on account of subsidies and government expenses were major achievements. SBP foreign exchange reserves during Nov.-April rose by $4 billion, while it was expected to surge up to $9 billion by the end of current fiscal year. He said core inflation was still at high level of 18.5 percent, but as compared to previous year October, it has decreased desirably. Core inflation in the fourth quarter likely to remain at 14 percent, while bringing down the budget deficit from 7.5 percent to 4.3 percent was also a great achievement.