Pakistan raises rates 150bp

The State Bank of Pakistan hiked rates to 12% on Thursday.

Shamshad Akhtar, the governor of the central bank, said that it was time to take steps to curb inflation, which shot up from 14.1% in the year to March to 17.2% in April, and the effects of government spending.

"[Inflation and the fiscal deficit] have reached a proportion that is now unsustainable and without corrective actions carry risk of creating more complications," she said.

The governor warned that inflation may be 11% above th

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