Pakistan raises benchmark interest rate to 21 pc

Islamabad [Pakistan], April 7 (ANI): Amid the ongoing inflationary crisis in pakistan, the State Bank of Pakistan (SBP) has increased the benchmark interest rate by 100 basis points (bps) to 21 per cent, according to Pakistan Today.

Notably, this is the highest-ever level that has been recorded.

The Bank believed that this hike will reduce inflation but doing it by revising the interest rate does not seem to be working.

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