Pakistan central bank raises interest rate 125 basis points to 15%

Increase from 13.75% follows inflation soaring to 13-year high

The State Bank of Pakistan raised the country's main policy rate to 15% on July 7, up 1.25 percentage points from 13.75%. © Reuters

July 7, 2022 23:06 JST

KARACHI (Reuters) -- Pakistan's main policy rate has been hiked 125 basis points to 15%, the country's acting central bank governor Murtaza Syed said on Thursday.

Syed's announcement at a virtual press conference followed a meeting of the Monetary Policy Committee, days after inflation in Pakistan surged to a 13-year high in June.