State Bank fixed interest rates by 15 % a 1.25 percent increase
Pakistan’s Central Bank “State Bank” increased interest rates. Acting Governor State Bank Dr. Murtaza Syed announced the new monetary policy and said the interest rate has been fixed at 15 % by a 1.25 percent increase.
The Acting Governor of State Bank said that the growth rate would be between 3 and 4 percent next year, while inflation is likely between 18 and 20 percent. He said that Pakistan was going through a difficult phase in terms of inflation.
Acting Governor State Bank said not raising interest rates could have caused irreparable loss to the economy. Raising interest rates will be out of control and increase pressure on the rupee.