The Monetary Policy Committee of State Bank of Pakistan has raised the policy rate by 50 basis points to 12 percent.

This was announced by SBP Governor Jameel Ahmed at a news conference in Karachi today.

He said that the committee had reviewed the economic situation since its last meeting in September.

He said that Pakistan efficiently managed challenges amid global crises.

The Governor further stated that ongoing regional tensions have led to a surge in global oil prices.