Pakistan's central bank holds interest rate at 13.25%

Pakistan's central bank held its main policy rate at 13.25% on Monday, taking a pause from a series of hikes as data pointed to a stabilising inflation rate.

The bank last lifted rates in July by 100 basis points, its ninth cut since the start of 2018, as it faced rising inflation, a substantial current account deficits and downward pressure on the rupee currency.

The decision also comes at at time of scrutiny for Pakistan's economy as an International Monetary Fund team arrived in Islamabad on Monday to review progress on reforms agreed as part of bailout package in July.

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