Key Points
Pakistan's central bank raised its key interest rate by 100 basis points to its highest-ever level on Tuesday, as the cash-strapped country stepped up its fight against soaring consumer prices...
The key rate of the State Bank of Pakistan (SBP) now stands at a record 21% as the country struggles with consumer price inflation that reached its highest annual level ever of just over 35% in March...
Worldwide growth in consumer prices has compounded high inflation in Pakistan caused by a weakening currency, energy tariff increases and elevated food prices due to Ramadan...
Food, beverage, and transportation prices have all surged more than 45% and the country is in talks with the International Monetary Fund to unlock its next tranche worth around $1.1 billion as part of a $6.5 billion bailout agreement reached in 2019...
In early March, the bank raised its key rate by 300 basis points to 20%, exceeding market expectations, likely to meet a key requirement of the IMF for release of the pending bailout funds...
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