Karachi: The State Bank of Pakistan (SBP) on Monday (May 23) increased the policy rate by 150 basis points, reaching a 13-year high of 13.75%, news sources reported. The new interest rate was announced following the depreciating rupee and higher inflation rates.\u00a0\u00a0\u00a0<\/p>\n\n\n\n
Read:<\/strong> SBP asks banks to update consumer payment apps\u2019 security<\/a><\/p>\n\n\n\n The policy rate was announced at the conclusion of the meeting held by the Monetary Policy Committee (MPC)<\/a> and was described as a step in the economy’s management amid rising domestic demand and pressure on the rupee. The SBP also issued a three-page post-meeting statement outlining the rationale for the monetary policy rate adjustment and modification. A summary of the announcement was also made available on the SBP’s official Twitter account, which reads as follows:\u00a0<\/p>\n\n\n\n