ISLAMABAD – State Bank of Pakistan (SBP) has given yet another shock of theday after the steep devaluation of the Pakistani Rupee.
SBP made a steep increase in the policy rates by 150 basis points thatraised the interest rate to 10 percent for the next two months with effectfrom December 3.
With a rise in policy rates, the interest rates will go up once again andit will push the cost of doing business and inflation in the country alongwith the multiplier effect with the depreciation of Rupee against Dollar.
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The upward revision in the policy rates was expected by the economists andanalysts, considering the ongoing development at the macro-economic ends,however, the central bank cited that this was a step towards theconsolidation of macroeconomic stability.
