Karachi: (RightNow) The State Bank has announced a monetary policy, increasing the interest rate by 50 basis points.

Governor of the State Bank, Jameel Ahmed, stated in a press conference that the interest rate has been raised from 11.5% to 12%.

Officials say this step is due to rising inflation and increasing oil prices.

Experts believe this decision is crucial for financial stability to ease economic pressure.

It is noteworthy that previous interest rate hikes were also made considering inflation rates.