Pakistan increases policy rate by 100 basis points to 21 pct

ISLAMABAD, April 4 (Xinhua) -- The State Bank of Pakistan (SBP) has increased the policy rate by 100 basis points to 21 percent to contain inflation, the central bank said in a statement on Tuesday.

The monetary policy committee (MPC) of the bank noted that inflation in March 2023 rose to 35.4 percent, and is expected to remain high in the near term, the statement added.

"The MPC views today's decision as