September 29, 2018 / 2:31 PM / 8 months ago

Pakistan hikes key interest rate by 100 basis points to 8.5 pct -

ISLAMABAD, Sept 29 (Reuters) - Pakistan’s central bank increased its main interest rate by 100 basis points to 8.5 percent on Saturday, citing rising inflation and economic worries over the large fiscal and current account deficits.

The State Bank of Pakistan said “concerns on the economic front continue to persist on the back of rising inflation and large twin deficits ...(and) are likely to compromise the sustainability of the high real economic growth path”.

The widening current account deficit has fuelled widespread speculation that Pakistan may need another bailout from the International Monetary Fund.

Reporting by Drazen Jorgic; Editing by Andrew Bolton

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