Rates round-up: Pakistan adds 100bp to main rate

Central banks raise rates in Kenya, Congo and Iceland

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

Pakistan: The State Bank of Pakistan raised the policy rate by 100 basis points on November 25, to 16%, as the country continued to suffer the impact of flooding and global shocks.

The decision marks the seventh hike since September 2021. In total, the SBP’s monetary policy committee has raised rates by 900bp over the past 14 months.

The central bank cited high inflation, which rose to 26.6% in October due to “a normalisation of fuel cost adjustments in electricity tariffs and rising prices of

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