November 22, 2019 / 1:43 PM / 21 days ago

Pakistan's central bank holds key interest rate at 13.25%

FILE PHOTO: A currency trader counts Pakistani Rupee notes as he prepares an exchange of U.S dollars in Islamabad, Pakistan December 11, 2017. REUTERS/Caren Firouz/File Photo

KARACHI, Pakistan (Reuters) - Pakistan’s central bank held its main policy rate at 13.25% on Friday, taking a second consecutive pause from a series of previous hikes as data pointed to a stabilising inflation rate.

The bank last lifted rates in July by 100 basis points, raising the interest rate to 13.25%, its ninth cut since the start of 2018, as it faced rising inflation, a substantial current account deficit and downward pressure on the rupee currency.

The decision comes at a time of scrutiny for Pakistan’s economy by the International Monetary Fund, which is reviewing progress on reforms agreed as part of bailout package in July.

Reporting by Asif Shahzad; Editing by Alex Richardson

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