The State Bank of Pakistan’s announcement of another one percent increase in the interest rate has brought this rate to a historic level of 22 percent. This was confirmed by a statement issued by the central bank. This is the background that led to the emergency meeting of the Monetary Policy Committee and the hike in interest rates. According to the statement, two important changes were noted that could further increase the pressure on the external account. This background led to the emergency meeting and the above decision.
