State Bank of Pakistan increases interest rate to 17pc

State Bank of Pakistan on Monday increased the interest rate by one percent to 17pc.

Governor State Bank of Pakistan Jameel Ahmad while addressing a news conference in Karachi said the Monetary Policy Committee (MPC) had decided to increase the policy rate by 100 basis points due to rising inflation.

He said the committee noted that inflationary pressures were persisting and continue to be broad-based.

The MPC stressed that it is critical to anchor inflation expectations and achieve the objective of price stability to support sustainable growth in the future.