According to a handout issued today, the interest rate on regular income certificates has been raised to 12.6 percent, while the profit on savings accounts has been raised by 1.25 percent to 13.6 percent.
Pension Benefit, Behbud Saving, and Special Certificates in National Savings will continue to earn 14.16 percent and 13 percent, respectively.
The State Bank of Pakistan (SBP) raised the monetary policy rate by 125 basis points to 15% for the next six weeks on Thursday to maintain the balance between inflation and economic growth.
Acting State Bank of Pakistan (SBP) governor Murtaza Syed made the announcement following a meeting of the monetary policy committee.
According to Murtaza Syed, global inflation is rising, and the recent surge is being seen for the first time in 50 years. The SBP governor defended the interest rate hike, claiming that the situation could have worsened if the interest rate had not been raised.
He predicted that inflation would remain between 18 and 20 percent in the current fiscal year of 2022-23.