Pakistan’s central bank cut the benchmark interest rate by 200bps to 13%, the lowest in over two years, as easing inflation provides room for growth. Inflation is expected to stabilize within the 5%-7% target range over the next 12 months. The PKR has gained 2% this year, making it one of the best-performing emerging-market currencies. The central bank also confirmed the country will meet a USD 5 bln repayment without pressure.