Pakistan: Rising inflation prompts much-needed rate hike

  • SBP hiked by 125bps versus expectations for 100bps hike, with inflation surpassing 21% in June and turning broad-based

  • Current account deficit widened in May, which will require further rate hikes and PKR depreciation if sustained

  • Pakistan is inching towards an IMF programme, which is necessary to avoid a BOP crisis; retain Buy on eurobonds
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