Pakistan central bank raises main interest rate by 100 bps to 22%

Karachi, PAKISTAN :Pakistan's central bank raised its benchmark interest rate by 100 basis points to 22 per cent at an emergency meeting on Monday, a day after the country revised its budget for the fiscal year from July 1 in a bid to rescue an IMF programme that expires in days.

The central bank has now raised its main rate by 12.25 per centage points since April 2022, mainly to curb soaring inflation. "This seems to be another IMF condition. Higher rates would increase debt servicing burden on both government and private sector, but if this leads to IMF program, the positives would outweigh the negative implications, considering fragile macroeconomic conditions," he said.

These developments were certain upward revisions in taxes, duties and the petroleum levy rate in the recently approved budget for fiscal 2023-24, and the central bank withdrawing on June 23 its general guidance for commercial banks on prioritisation of imports.

Source: Loan Digest (loandigest.net)

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