Pakistan central bank raises rate by 100 bps to 21% to rein in inflation April 04, 2023 at 12:56AM

Pakistan's central bank raised its key interest rate by 100 basis points on Tuesday, as the cash-strapped country aims to bring down record high inflation.The key rate of the State Bank of Pakistan (SBP) now stands at 21%, its highest level ever, with consumer price inflation at its highest level recorded to date. Investors polled by Reuters had mostly expected a rate hike of 200 basis points.