Pakistan raises rates 100bp amid reserves crisis

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

Amid critically low reserve levels, the State Bank of Pakistan raised policy rates on January 23 by 100 basis points to 17%.

The SBP monetary policy committee cited “persisting” and “broad-based” inflation, rising core inflation and increasing inflation expectations. Headline inflation was 24.5% year on year in December, up from 23.8% in November. However, both figures fell below the 26.6% rate recorded in October. The central bank targets 5–7% inflation by December 2024.

The decision is the

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