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KARACHI: The State Bank has increased the interest rate from 16% to 17%, which has reached the highest level in the last 27 years. This was announced by the Chairman of the State Bank, Jamil Ahmed, during a press conference in Karachi. He said that the Monetary Policy Committee has decided to increase the interest rate by 100 basis points, and after that the interest rate will be increased by one percent from 16 to 17 percent. The Governor of the State Bank said that the new import process is delayed and increases the pressure on the reserves, due to the global situation there is uncertainty for Pakistan and the global situation affects remittances and exports.