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SBP hikes interest rate by significant 250 basis points to 12.25%

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A logo of the State Bank of Pakistan (SBP) is pictured on a reception desk at the head office in Karachi, Pakistan July 16, 2019. — Reuters
A logo of the State Bank of Pakistan (SBP) is pictured on a reception desk at the head office in Karachi, Pakistan July 16, 2019. — Reuters

In a surprise move, the State Bank of Pakistan (SBP) on Thursday raised its benchmark interest rate by a significant 250 basis points to 12.25% as it grapples with uncertainty around the outlook for international commodity prices and global financial conditions, which had been exacerbated by the Russia-Ukraine conflict.

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