The State Bank of Pakistan has increased its policy rate by 1%. With this increase the interest rate has jumped from 8.75% to 9.75%, reported 24NewsHD TV Channel.
The central bank announced its monetary policy on Tuesday and increased the benchmark interest rate by 100 basis points to 9.75%.
The market was already expecting the hike keeping in view the ever-rising import bill and trade and current account deficits.
Reporter Ashraf Khan