News Summary

• Pakistan’s central bank raised its benchmark interest rate for the first time in almost three years.
• The policy rate was raised by 100 basis points to 11.5%, State Bank of Pakistan said.
• Only one economist surveyed by Bloomberg News predicted the move, while the rest forecast no change or a 50 basis-point hike.
• The bank held its key policy rate at 10.5% in March as oil prices surged with the Strait of Hormuz largely closed and the US threatening to deepen a conflict.