LAHORE MIRROR — The State Bank of Pakistan (SBP) has announced a 50-basis-point increase in the policy rate, raising it from 11.5 per cent to 12 per cent.
Announcing the monetary policy decision at a press conference, SBP Governor Jameel Ahmad said the increase was driven by rising inflation and the impact of higher oil prices.
He said inflation had been rising steadily, while an increase in oil prices had also contributed to inflationary pressures, prompting the central bank to raise the policy rate.
