KARACHI, PAKISTAN : Pakistan’s central bank is widely expected to raise its key policy rate by 200 basis points in an off-cycle meeting on Thursday as it struggles to unlock critical funding from the IMF, a Reuters poll showed.
All sixteen economists and market watchers surveyed said there would be a hike - 14 of them predicted 200 basis points , while two expected 250 bps.In its last policy meeting in January, the bank raised the key rate by 100 bps to 17 per cent, citing inflationary pressure. Inflation has since increased, with the Consumer Price Index clocking in at 27.5 per cent in January.
The cash-strapped country is undertaking key measures to secure a $1 billion loan from the International Monetary Fund , including raising taxes, and removing blanket subsidies and artificial curbs on the exchange rate.
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