Pakistan central bank raises key rate by 100 bps to 16% to curb inflation

Pakistan's central bank raised its key policy rate by 100 basis points to 16% on Friday, the bank said in a statement after a meeting of its monetary policy committee.

"This decision reflects the MPC's view that inflationary pressures have proven to be stronger and more persistent than expected," the central bank said in its statement.

The bank had kept the rate unchanged at its last two meetings in October and September.