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Bank of Pakistan Raises Interest Rate by 1% to 17% to Curb Inflation

The Central Bank of Pakistan has raised the interest rate by 1% to 17%, the highest level since October 1997 and in line with analysts’ forecasts. The central bank stated that such interest rate hikes are aimed at curbing inflation, with the goal of maintaining price stability in order to achieve sustainable economic growth.

This marks the central bank’s seventh interest rate hike since January 2022, with a total increase of 7.25%. The move is expected to curb inflation and stabilize the economy, despite the potential negative impact on businesses and consumers who may face higher borrowing costs.

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