The State Bank of Pakistan (SBP) announced a one percent increase in the interest rate on Monday.
The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) has raised the key interest rate by 100 basis points (bps), taking it to 17%.
State Bank Governor Jameel Ahmed while announcing the monetary policy during a press conference said a one percent increase in interest rates has been made.
According to Governor State Bank, the interest rate has been increased from 16 to 17 percent.
Governor State Bank said that inflation is strong, hence, price stability is essential.