Pakistan cenbank raises key policy rate by 300 bps to 20%

FILE PHOTO: The logo of the State Bank of Pakistan (SBP) is pictured on a reception desk at the head office in Karachi, Pakistan July 16, 2019. REUTERS/Akhtar Soomro

02 Mar 2023 07:53PM (Updated: 02 Mar 2023 07:53PM)

KARACHI, Pakistan : Pakistan’s central bank raised its key interest rate on Thursday by 300 basis points, higher than expected, citing rising inflation.

The key rate of the State Bank of Pakistan now stands at 20 per cent, its highest level since October 1996.

In its last policy meeting in January the bank raised the rate by 100 bps to 17 per cent. It has now raised rates by a total of 1,025 bps since January 2022.

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