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SBP increases interest rate by 1% to 17%

SBP increases interest rate by 1% to 17%
January 23, 2023 Web Desk

KARACHI (92 News) - The State Bank of Pakistan (SBP) has increased the interest rate by one percent to 17 percent.

Addressing a press conference after a meeting of the Monetary Policy Committee (MPC) on Monday, SBP Governor Jamil Ahmed said that the interest rate had been increased to overcome the inflation.

"The current account deficit increased due to a delay in the transfer of amounts. The inflation also increased at the international level," he added.

The SBP governor said that pressure increased on the foreign exchange reserves due to foreign payments at a large scale. "There was a negative effect on the growth rate due to problems of exports and imports. The Gross Domestice Product (GDP) is likely to remain at less than two percent," he maintained.

He said that development on matters pertaining to the IMF is likely to be made soon.