Pakistan's central bank raised its key interest rate by 300 basis points on Thursday, exceeding investor expectations, as the cash-strapped country seeks to encourage the International Monetary Fund to release critical financing.
"The MPC noted that the recent fiscal adjustments and exchange rate depreciation have led to a significant deterioration in the near-term inflation outlook and a further upward drift in inflation expectations, as reflected in the latest wave of surveys," the SBP said in a statement.
For its part, the government is trying to cut expenditure and increase revenue through taxes, and has allowed the rupee to depreciate. Pakistan's central bank foreign exchange reserves stood at $3.814 billion as of Thursday, the state bank said in a statement, up from the previous week. The Pakistani rupee slumped nearly 6% against the U.S. dollar on Thursday with no clarity on the IMF fund release.
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