Pakistan set to raise interest rates in off-cycle review, say investors

"We support the use of monetary policy to rein in inflation, anchor inflation expectations, and support the exchange rate," said Esther Perez Ruiz, the IMF's resident representative in Pakistan, in an email.

The next meeting of the central bank's monetary policy committee is scheduled for March 16. Off-cycle rate reviews are not uncommon in Pakistan, though. "The next policy meeting is too far. Given the circumstances, it's already being priced in," Sheikh said."No MPC meeting has been held yet after the last meeting last month," SBP chief spokesperson Abid Qamar was quoted as saying by local business newspaper Business Recorder on Thursday. "The next MPC meeting so far scheduled is on March 16."

"Pakistan has two core inflation readings i.e., Urban and Rural and no national core number is released. If the SBP tries to bring rates above rural core inflation, it requires a rate hike of 200-300 bps."

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