Pakistan’s Central Bank Hikes Interest Rate to Highest Level Since 1999

[Epoch-Times-Bot]

Pakistan's Central Bank Hikes Interest Rate to Highest Level Since 1999

Pakistan’s central bank on Friday raised its key policy rate by 100 basis points to 16 percent—the highest level since 1999—amid persistent global and domestic supply shocks that have pushed inflation higher.
The country’s Monetary Policy Committee (MPC) said the decision was made to prevent inflation from spiraling out of control as inflationary pressures have turned out to be “stronger and more persistent than expected.”
“It is aimed at ensuring that elevated inflation does not become entrenched and that risks to financial stability are contained, thus paving the way for higher growth on a more sustainable basis,” the MPC said in a statement....

Source: Pakistan's Central Bank Hikes Interest Rate to Highest Level Since 1999

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