Raising policy rate was not IMF's demand.

In a surprise, State Bank of Pakistan (SBP) Governor Jameel Ahmad told a parliamentary panel that the recent increase of 300 basis points in its policy rate was a decision of the Monetary Policy Committee (MPC) of the central bank and not done on the demand of the InternA!ational Monetary Fund (IMF). Testifying before the Senate Standing Committee on Finance and Revenue, the SBP governor reported its latest foreign exchange reserves at...