Pakistan's central bank raised its benchmark interest rate by 100 basis points to 22% at an emergency meeting on Monday, a day after the country revised its budget for the fiscal year from July 1 in a bid to rescue an IMF programme that expires in days.
Analysts said Monday's decision was in line with the demands of the International Monetary Fund to secure a stalled tranche of $1.1 billion from the current bailout package, which expires on June 30.
"The MPC views this action as necessary to keep real interest rate firmly in positive territory on a forward-looking basis," the central bank said in a statement.Fahad Rauf, head of research at Ismail Iqbal Securities, a Karachi-based brokerage firm, said the move appeared to be focused on securing the IMF's support for the country.
The bank said its monetary policy committee had noted "two important domestic developments since the last meeting that have slightly deteriorated inflation outlook and which could potentially increase pressure on the already stressed external account." "While the MPC views these measures as necessary in the context of completion of the ongoing IMF programme, they have increased the upside risks to the inflation outlook," the bank said.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Body of 22-year-old man found at bottom of cliff with ‘Find my Phone’ appThe area where the body was found is being considered a crime scene and investigators have not released any additional information including the victim's name.
Baca lebih lajut »
Hilton Gaslamp Quarter hotel unveils $22.5M renovation, new whimsical rabbit-themed restaurantThe Hilton San Diego Gaslamp Quarter's restaurant and hotel received a multi-million dollar remodel for the first time in years
Baca lebih lajut »
Applied Mechanics' 'Other Orbits' alien show headed to Philadelphia's Standby Stages, July 9-22Applied Mechanics, a self-described radical theater collective in Philadelphia, is taking audience members to another world, full of alien species with Other Orbits.
Baca lebih lajut »
Curfews imposed after 22 dead in night of violence in north HondurasThe Honduran government announced curfews on Sunday in two northern cities after 22 people were shot dead overnight in separate attacks amid escalating violence in the country.
Baca lebih lajut »
Previous passengers recall ill-fated Titan: ‘I 100% knew this was going to happen’In the wake of the Titan’s fatal implosion near the Titanic shipwreck on Sunday, some people who embarked on the company’s deep-sea expeditions described experiences that foreshadowed the tragedy.
Baca lebih lajut »