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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.

Read: Mobile App Launched for Tax Payment

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.

Read: Pakistan’s Economy Shifting From Consolidation to Growth Phase

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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