Pakistan’s central bank has raised lending rates by 300 basis points to 20 per cent, the highest of any country in Asia, as it struggles to contain rising prices and a deepening financial crisis.
The announcement on Thursday came after the rupee fell more than 6 per cent against the US dollar. Foreign exchange traders had earlier sold off Pakistan’s currency in response to a delayed IMF loan.
The interest rate rise is one of several measures Pakistan hopes will free up a stalled tranche of about $1bn held back by the IMF under its $6.5bn financing agreement with the country, which ends in June this year.
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