Pakistan: SBP pumps the brakes as country nears default cliff

  • State Bank of Pakistan hiked by 100bps to 17%, in line with expectations amid worsening inflation and external pressures

  • Reserves have fallen below one month of import and default is imminent without resumption of its IMF programme

  • Retain Buy on eurobonds trading below recovery value. Equities not yet investable for foreigners despite low valuations

January 23rd, 2023
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