Pakistan central bank raises key interest rate by 100 BPS to record 21%
1 year, 8 months ago

Pakistan central bank raises key interest rate by 100 BPS to record 21%

Op India  

On Tuesday, Pakistan’s central bank increased its key interest rate by 100 basis points to a record 21% as the cash-strapped country sought to reduce severe food inflation and keep the trust of foreign creditors. 1/4 Monetary Policy Committee decided to increase policy rate by 100bps to 21% in its meeting today.https://t.co/JeUhdtDFrq pic.twitter.com/6avIFg4S6c — SBP April 4, 2023 The key rate of the SBP now stands at its highest-ever level as the country struggles with consumer price inflation, reaching its highest annual level of over 35% in March. “The MPC considers the current monetary policy stance appropriate and stresses that today’s decision, along with previous accumulated monetary tightening, will help achieve the medium-term inflation target over the next eight quarters,” the bank stated in a statement and added that the early conclusion of the ninth review of the IMF program was critical to rebuilding FX reserve buffers. Early in March, the bank increased its key rate by 300 basis points to 20%, outpacing market forecasts and probably doing so to satisfy an important International Monetary Fund stipulation for the release of the awaiting bailout money.

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History of this topic

Pakistan grapples with sky-high inflation; Wheat flour costs 800 Pak rupees, Chapati worth 25 Pak rupees
7 months, 3 weeks ago

Pakistan grapples with sky-high inflation; Wheat flour costs 800 Pak rupees, Chapati worth 25 Pak rupees

Hindustan Times  

Inflation is steeply rising in Pakistan, causing citizens to struggle to afford essential items to provide basic meals for their families, news agency ANI reported. Additionally, a single roti now costs 25 PKR, leading the public to lament that the “government is ignoring their needs.” Pakistan inflation: The price of a kilo of flour now stands at 800 Pakistani rupees, …

Pakistan raises main key rate by 100 bps to 22% in emergency meeting
1 year, 5 months ago

Pakistan raises main key rate by 100 bps to 22% in emergency meeting

Live Mint  

Pakistan's central bank Monday raised its benchmark rate to a record high in an emergency meeting, in a bid to rescue its loan programme with International Monetary Fund that expires on Friday. “While the MPC views these measures as necessary in the context of completion of the ongoing IMF program, they have increased the upside risks to the inflation outlook,” …

Pakistan central bank raises key interest rate 100bps to record 21%
1 year, 8 months ago

Pakistan central bank raises key interest rate 100bps to record 21%

Hindustan Times  

Pakistan's central bank raised its key interest rate by 100 basis points to its highest-ever level on Tuesday, as the cash-strapped country stepped up its fight against soaring consumer prices. The key rate of the State Bank of Pakistan now stands at a record 21% as the country struggles with consumer price inflation that reached its highest annual level ever …

Pakistan inflation rises by record as IMF reforms spur gains
1 year, 8 months ago

Pakistan inflation rises by record as IMF reforms spur gains

Live Mint  

Pakistan’s inflation quickened by a record on higher taxes and energy prices, suggesting that further interest rate increases may be needed. “This was broadly expected with the persisting higher food prices, and a tax on tobacco has been implemented,” said Amreen Soorani, head of research at JS Global Capital in Karachi. “Consumer prices will go up for a couple of …

Pakistan posts highest-ever annual inflation; stampedes for food kill 16
1 year, 8 months ago

Pakistan posts highest-ever annual inflation; stampedes for food kill 16

The Hindu  

Consumer price inflation in Pakistan jumped to a record 35.37% in March from a year earlier, the statistics bureau said on Saturday, as at least 16 people were killed in stampedes for food aid. The March inflation number eclipsed February's 31.5%, the bureau said, as food, beverage and transport prices surged up to 50% year-on-year. A spokesman at the statistics …

Another policy rate hike of 200 bps likely in crisis-hit Pakistan
1 year, 8 months ago

Another policy rate hike of 200 bps likely in crisis-hit Pakistan

Live Mint  

Pakistan's central bank, the State Bank of Pakistan is likely to increase the benchmark policy rate by 200 basis points to 22% in the monetary policy statement that is scheduled to take place on April 4, 2023. According to a report published by Dawn, a clear indication of the policy rate hike was given in the latest treasury bill auction …

Pak inflation skyrockets to 47%, essential prices soar: Report
1 year, 8 months ago

Pak inflation skyrockets to 47%, essential prices soar: Report

Hindustan Times  

Pakistan's economic crisis continues to worsen with each passing day. According to the Pakistan Bureau of Statistics, the inflation based on sensitive price indicator has been recorded at 47 per cent year on year at the week which ended on March 22. The price of onions in Pakistan have increased by 228.28 per cent, cigarettes by 165.88 per cent, wheat …

Pakistan economic crisis: SBP hikes repo rate by 300 BPS, highest since Oct 1996
1 year, 9 months ago

Pakistan economic crisis: SBP hikes repo rate by 300 BPS, highest since Oct 1996

Live Mint  

Amid the economic crisis, rising inflation and mountainous debt, the State Bank of Pakistan hiked interest rate by 300 basis points to 20 per cent — the highest level since October 1996. It is to be known that Pakistan's CPI inflation has surged to 31.5 percent Year-on-Year, while core inflation rose to 17.1 percent in urban and 21.5 percent in …

Pakistan inflation rises to 48-year-high of 27.55%: Report
1 year, 10 months ago

Pakistan inflation rises to 48-year-high of 27.55%: Report

Hindustan Times  

Pakistan’s inflation quickened to the fastest in almost 48 years in January as thousands of containers of food items, raw materials and equipment are stuck in ports after the cash-strapped government curtailed imports. The latest reading comes a week after the State Bank of Pakistan increased its benchmark rate to the highest in more than 24 years to help stabilize …

RBI increases key lending rate by 35 bps, pegs GDP growth at 6.8%
2 years ago

RBI increases key lending rate by 35 bps, pegs GDP growth at 6.8%

The Hindu  

The Monetary Policy Committee of the Reserve Bank of India on December 7 increased the repo rate by 35 basis points to 6.25%, and the Standing Deposit Facility stands raised to 6%. The Ukraine invasion by Russiais a black swan event that severely affected energy and food prices around the world.” Though prices have receded somewhat, inflation remains high. Going …

Pakistan inflation hits 47-year high before full impact of flood
2 years, 3 months ago

Pakistan inflation hits 47-year high before full impact of flood

Hindustan Times  

Pakistan’s inflation accelerated for a sixth straight month to hit a fresh record in August, with the deadly floods risk jolting prices further. The inflation print comes as Pakistan faces a looming food crisis after the catastrophic flooding. The inflation print comes as the nation faces a looming food crisis after the catastrophic flooding in the latter part of August …

Bank FD: Kotak Vs DBS Bank Vs Bank of Baroda; Check Comparison of Latest Interest Rates
2 years, 4 months ago

Bank FD: Kotak Vs DBS Bank Vs Bank of Baroda; Check Comparison of Latest Interest Rates

News 18  

As the RBI’s Monetary Policy Committee has raised the key repo rate twice in its previous two review meetings and is expected to further hike the rate further in its ongoing meet this week, banks have been increasing their rates on both loans and deposits. Here’s the comparison of the current fixed deposit interest rates offered by these three lenders …

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