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SBP raises key interest rate to 25-year high of 17%

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[ad_1] State Bank of Pakistan Governor Jameel Ahmad addresses a press conference in Karachi on January 23, 2023. — AFP KARACHI: The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) Monday raised the key interest rate by 100 basis points (bps), taking it to 17% — the highest since October 1997. In his maiden monetary policy press conference after assuming charge in August, SBP Governor Jameel Ahmad revealed that the committee has observed that “inflationary pressures are persisting and continue to be broad-based”. “If these remain unchecked, they could feed into higher inflation expectations over a longer than-anticipated period therefore the MPC stressed that it is critical to anchor inflation expectations and achieve the objective of price stability to support sustainable growth in the future,” he further explained. The central bank raised the benchmark interest rate by 100 basis points (bps) today taking the total increase to 750bps since January 2022 ...
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Finance secretary summoned by ECP over non-provision of election funds

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[ad_1] Rs17 billion are urgently needed for holding general elections on February 8, sources say A security personnel stands guard at the headquarters of the Election Commission of Pakistan in Islamabad on September 21, 2023. — AFP Rs42bn allocated for polls in budget 2023-24. Ministry has given Rs10bn to ECP so far. ECP says Rs17bn are urgently needed for polls. As the general elections in Pakistan are swiftly approaching D-day, the Election Commission of Pakistan (ECP) has revealed concerns regarding the non-provision of funds by the government. Geo News learnt from sources that the electoral body has summoned the finance secretary after the ministry was irresponsive regarding the provision of funds, allocated for the polls, in the budget. The development comes as Pakistan is preparing for general polls scheduled to take place on February 8, 2024. The government, as per the sources, had allocated Rs42 billion for the general elections in the current financial year's bu...
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Trader Joe's issues third recall, saying falafel might contain rocks

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[ad_1] Trader Joe's has issued its third food recall in a week, alerting  customers on Friday that its Fully Cooked Falafel product may contain rocks. The falafel was sold in stores in 34 states and Washington D.C., the supermarket chain said, noting that unsold boxes of the item at its stores have already been destroyed. "If you purchased or received any donations of Fully Cooked Falafel, please do not eat them," Trader Joe's said in its recall notice. "We urge you to discard the product or return it to any Trader Joe's for a full refund." In a statement to CBS MoneyWatch, Trader Joe's didn't comment on the number of recalls happening all at once, but said it cares about product safety. "We don't wait for regulatory agencies to tell us what to do," company spokesperson Nakia Rohde said. "We voluntarily take action quickly and aggressively — investigating potential pro...
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