Pakistan lifts rates to stem crisis

The State Bank of Pakistan raised interest rates by 2% in an attempt to control inflation, which has spiralled to 25%.

Shamshad Akhtar, the governor of the central bank, said the increase, which took the key policy rate to 15%, was aimed at curbing inflation, reducing the current-account deficit and supporting the rupee.

"Raising the policy rate will help calm the sentiments in the foreign-exchange market and will also stem the second-round impact of high inflation from spreading further," Akht