Karachi: State Bank Of Pakistan (SBP) has announced a monetary policy in which interest rate has been increased by three percent.
After increasing 300 bps points it is decided to fix policy rate at 20 percent.
The Monetary Policy Committee (MPC) decided to increase the policy rate to its highest level since October 1996 in an attempt to anchor inflation expectations as it is critical and warrants a strong policy response.
The central bank raised the benchmark interest rate by 300 bps today taking the total increase to 1,050bps since January 2022 to counter rising inflation.
