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Interest Rate Hiked by 300bps, Highest Since ’96

KARACHI: Cowing down to the shifting goalposts of IMF the SBP has augmented the interest rate (by 300 bps) to 20 %.

Taking to the Twitter SBP announced: “The Monetary Policy Committee decided to raise the policy rate by 300 basis points to 20 percent in its meeting today.

“This decision reflects deterioration in inflation outlook & its expectations amid recent external and fiscal adjustments.

“MPC believes this outlook warrants a strong policy response to anchor inflation expectations around the medium-term target of 5-7 percent.”

Pakistan to raise Policy Rate by 2%

Newspakistan.tv

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M M Alam

M. M. Alam is a Pakistan-based working journalist since 1981. Karachi University faculty gold medalist Alam began his career four decades ago by writing for Dawn, Pakistan’s highest circulating English daily. He has worked for region’s leading publications, global aviation periodicals including Rotors (of USA) and vetted New York Times as permanent employee of daily Express Tribune. Alam regularly covers international aviation and defense-related events including Salon Du Bourget (France), Farnborough (United Kingdom), Dubai (UAE). Alam has reported thousands of events and interviewed hundreds of people in Pakistan, UAE, EU, UK and USA. Being Francophone Alam also coordinates with a number of French publications.