Pakistan raises rates again as inflation climbs past 20%

The State Bank of Pakistan
Photo: SBP/Abbas Ali Khan

The State Bank of Pakistan ordered its sixth rate increase since September, raising the policy rate by 125 basis points to 15% on July 7.

The Pakistani authorities have now more than doubled the benchmark rate in the last 10 months, from 7%. The SBP’s monetary policy committee said it aimed to “cool economic activity, prevent a de-anchoring of inflation expectations and provide support to the rupee”.

Pakistan faces a balance-of-payments crisis, spiralling inflation and political turmoil. The

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