Pakistan Bank Rate Up
KARACHI, January 14. Pakistan’s bank rate was increased today from 3 to 4 per cent., the board of directors of the State Bank of Pakistan announced. Economists saw the increase as part of the Finance Minister’s (Mr Mohammed Shoaib) plan to halt inflation in Pakistan.
They said it would not conflict with an export bonus scheme detailed by the Minister of Commerce (Mr Zulfiqar Ali Bhutto), which is designed to boost Pakistan’s critically low foreign exchange reserves. The scheme provides that, within limits, exporters may draw freely on a pool of foreign exchange earned by their exports and use it as they wish or sell it internally on the open market.
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Press, Volume XCVIII, Issue 28795, 16 January 1959, Page 9
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115Pakistan Bank Rate Up Press, Volume XCVIII, Issue 28795, 16 January 1959, Page 9
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