On Friday, The State Bank of Pakistan (SBP) raised its benchmark interest rate by 150 basis points to 8.75 % as it controls surging inflation and uncertainty over the stalled International Monetary Fund (IMF) loan facility. The SBP said in a statement, “The MPC (Monetary Policy Committee) was of the view that there is now a need to proceed faster to normalize monetary policy to counter inflationary pressures and preserve stability with growth”.
