SBP Announces Huge Increase in Interest Rate After Emergency Meeting

The State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) on Thursday raised the policy rate by 300 basis points to 20 percent.

The market review had previously been scheduled for March 16 but was convened two weeks prior and notified the expected increase in the policy rate, seen by many as a condition for reviving the country’s loan program with the International Monetary Fund (IMF).

More to follow.

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