Economic News

Pakistan has announced a surprise interest rate increase of half a percentage point as higher oil and commodity prices feed inflation. The State Bank of Pakistan said that its main borrowing cost will rise to 9.5% from 9% on Monday. It is the first time interest rates have risen in 15 months. Pakistan is South Asia's second-largest economy and its rapid rate of growth, coupled with high energy prices, are proving a concern for many observers. The central bank wants to slow the annual infl ...