SBP Revises Policy Rate Up by 150 Base Points to 8.75%
According to news sources, the State Bank of Pakistan (SBP) increased its benchmark interest rate by 150 basis points to 8.75% from 7.25% during an earlier-than-anticipated meeting of the Monetary Policy Committee (MPC).
According to reports, the MPC statement said that the move in the policy rate is in response to the recent increase in inflation, as well as higher energy and core inflation rates.
According to the statement, the move in the policy rate will alleviate pressure on the local currency while also contributing to the reduction of the current account deficit (CAD), which has risen to USD 3.4 billion in the first quarter of Fiscal Year (FY) 2021-22.
Previously, the central bank had an MPC meeting in September, during which it hiked the policy rate by 25 basis points, from 7% to 7.25 percent. According to news reports, previous to the most recent MPC meeting, financial analysts forecast a change in the policy rate, but the 150 basis point adjustment was unexpected.
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