Pak hikes interest rate to 3-year high amid bailout reports
Pakistan hiked its key interest rate by 100 bps to a three-year high of 8.5% on Saturday, citing rising inflation and concerns over large fiscal and current account deficits. The hike comes amid speculation that Pakistan may need another bailout from the International Monetary Fund (IMF). The country's forex reserves plunged by a third this year to below $10 billion.