(Reuters) - Pakistan Finance Minister Miftah Ismail expects the economy to grow more than 3.5% for the fiscal year that started in July, Bloomberg News reported on Saturday.

Ismail predicted inflation, running at the highest in 47 years and the second-highest in Asia, was close to its peak and would average 15% for the year, the report said.

Curbs on luxury items may remain in place for longer than currently anticipated, Ismail was quoted as saying.

(Reporting by Jahnavi Nidumolu in Bengaluru; Editing by William Mallard)