Central bank raises policy rate by 50 basis points to 12pc

The State Bank of Pakistan (SBP) on Monday raised the key policy rate by 50 basis points to 12 per cent, its first increase since April as inflation, fuelled by high energy costs due to the Gulf conflict, remained above target. In a statement, the Monetary Policy Committee (MPC) said it had decided to increase the policy rate, with a majority decision of nine out of ten members. It noted that the “intensification in the Middle East conflict and low prospects of its nea

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