KARACHI: The State Bank has increased the interest rate from 16 percent to 17 percent, which has reached the highest level in 27 years. This was announced by State Bank Governor Jameel Ahmed during a press conference in Karachi. He said that the Monetary Policy Committee has decided to increase the interest rate by 100 basis points, after which the interest rate is increasing by one percent from 16 to 17 percent. The State Bank Governor said that there is a lag in new inflows which is increasing the pressure on reserves, there is uncertainty for Pakistan due to the global situation and the global situation is affecting remittances and exports.
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