Islamic Republic of Pakistan Tops the Interest Rate Chart
On March 2nd, 2023, the State Bank of Pakistan implemented a 300 basis point increase in its key interest rate to 20%, which has resulted in the highest borrowing costs since 1996.
This decision was made due to the recent fiscal adjustments and currency depreciation that have caused a significant deterioration in the inflation outlook and expectations in the short term.
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As a result, inflation is projected to increase in the upcoming months to approximately 27%-29%, which is notably higher than the 21%-23% range observed in November 2022.
To secure a $1 billion loan from the International Monetary Fund, Pakistan is taking various measures such as increasing GST and excise duties, reducing subsidies, adjusting energy prices, and artificially curbing the exchange rate. Source: State Bank of Pakistan.
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