The Monetary Policy Committee of the State Bank of Pakistan is expected to meet on Thursday, which could lead to another hike in the interest rate.

The interest rate currently stands at 22%, the highest it has ever been in the country’s history. The rate has been at the record-high level since June 26.

Experts say that the rate could be increased by 100 base points to 23%.

A statement from the SBP had announced the meeting on Tuesday and added that the rate would be announced via a press release.

On August 31, reports had claimed that the SBP could call an emergency meeting of the SBP to hike the interest rate to 25%. However, the SBP had refuted the report of the special meeting and said that the deliberations would take place as per routine in September.

Controlling the interest rate is a key measure that the SBP can use to control how much money is being spent in the economy.

This story is being updated.