Pakistan central bank hikes interest rate to 10 percent

ISLAMABAD (Reuters) - Pakistan's central bank hiked its key interest rate by 150 basis points to 10 percent on Friday, citing rising inflation and high current account and fiscal deficits.

"Continued inflationary pressure (and rising inflationary expectations) needs to be checked," the State Bank of Pakistan (SBP) said in a statement.

(Reporting by Drazen Jorgic; Editing by Robin Pomeroy)