State Bank keeps benchmark interest rate at 13.25 per cent

KARACHI: The State Bank of Pakistan (SBP) held its main policy rate at 13.25 per cent on Monday, taking a pause from a series of hikes as data pointed to a stabilising inflation rate.

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The bank last lifted rates in July by 100 basis points, its ninth cut since the start of 2018, as it faced rising inflation, a substantial current account deficit and downward pressure on the rupee.

The decision also comes at a time of scrutiny for the economy as an International Monetary Fund (IMF) team arrived in Islamabad on Monday to review progress on reforms agreed as part of a bailout package in July.

With input from REUTERS.

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