State Bank of Pakistan hikes interest rate by 150 basis points

state-bank-of-pakistan-sbp
The State Bank of Pakistan
Photo: SBP/Abbas Ali Khan

The State Bank of Pakistan (SBP) sharply raised its policy rate at its latest meeting, as central bankers shifted their focus from supporting growth to combating inflation.

The SBP hiked the rate 150 basis points, taking it to 8.75%. Pakistan’s turbulent headline consumer inflation further grew to 9.2% in October, after jumping to 9% in September. The inflation target is set by the government at 5–7%, the SBP reiterated in a recent letter.

Heightened inflationary risks in Pakistan are fuelled

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