Pakistan central bank lifts interest rates to 7.25%

Pakistan's central bank raised its benchmark interest rate by 25 basis points to 7.25% on Monday, the first move after six consecutive decisions to keep rates on hold since last year.

"Since its last meeting in July, the MPC (Monetary Policy Committee) noted that the pace of the economic recovery has exceeded expectations," the State Bank of Pakistan said in a statement accompanying the decision, noting the country's COVID situation was improving and domestic demand strengthening.