SBP Hikes up Interest Rate After Two-Year Break
According to news sources, the State Bank of Pakistan (SBP) raised the key interest rate from 7% to 7.25% in Karachi, marking the first increase in two years. The new interest rate will remain in force for the following two months, beginning on October 1.
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Reportedly, the hike of 25 basis points is anticipated to reduce inflationary pressures while bridging the gap between economic growth and rising trade imbalance.
Following a meeting of the Monetary Policy Committee (MPC), a statement was published proposing a 25 basis point rise in the interest rate.
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According to the report, the MPC authorized the policy change in light of recent events and the rapid economic recovery following the COVID-19 outage. The SBP decreased the interest rate from 13.25% to 7% in June 2020 in order to stabilize the pandemic-ravaged economy and keep inflation under control.
In response to rising imports and a growing current account deficit (CAD), the government decided to resume these increases.
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