Pakistan hiked its interest rate for the second time in more than two months on Monday, and one reason for that is soaring inflation in the country, said its central bank’s acting governor.
Consumer prices have spiked in Pakistan in recent months, and the country needs to cool its economy, Murtaza Syed of the State Bank of Pakistan told CNBC."The economy could do with some cooling and this decision yesterday was a step in that direction," Syed told CNBC's"Street Signs Asia" on Tuesday.Pakistan's soaring inflation is one reason the country's central bankMonday, the State Bank of Pakistan's acting governor told CNBC.
Consumer prices have spiked in recent months and Pakistan needs to cool its economy, Murtaza Syed of the State Bank of Pakistan told CNBC. He noted inflation hit a two-year high of 13.4% in April. Stay informed during the severe weather season with our local news and weather app. Get the NBC 5 Chicago app for
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