(Bloomberg) -- Pakistan’s central bank kept its benchmark interest rate unchanged for a second consecutive meeting to support an economy staring at crises worsened by deadly floods.

The State Bank of Pakistan maintained the target rate at 15% on Monday, as forecast by 40 of 43 economists surveyed by Bloomberg. Three expected a cut ranging between 25-50 basis points.

The decision “strikes an appropriate balance between managing inflation and maintaining growth in the wake of the floods,” the State Bank of Pakistan said in a statement. It lowered its estimate for growth to around 2% in the year started July from 3%-4% projected earlier. 

Pakistan, which secured a $1.1 billion International Monetary Fund loan to avert a default in August, is already seeking additional money to help rebuild from the humanitarian crisis. Pakistan’s credit rating was cut deeper into junk by Moody’s Investors Service after the floods, citing increased risks to the nation’s debt sustainability. 

While average headline inflation for the year started July will be above the 18%-20% predicted earlier, it is seen easing in the second half and falling to 5%-7% by the end of the next financial year.

“A continuation of prudent monetary policy and orderly movements in the rupee should help contain core inflation going forward,” the central bank said.

The nation’s rupee has gained about 6% against the dollar since Ishaq Dar’s appointment as finance minister on Sept. 28, making it the world’s best-performing currency, according to data compiled by Bloomberg. The rally in the rupee started based on the appointment but continued on fundamentals with strong inflows in exports and remittances, Deputy Governor Murtaza Syed said in an analyst briefing after the announcement.

The nation also plans to raise $2 billion in Eurobonds and Sukuk in the current fiscal year, Syed said. 

(Updates with deputy governor’s comments in seventh paragraph)

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