Commercial banks followed by raising lending rates, aligning them with a 25 basis point increment based on the six-month moving average rate of treasury bills, known as SMART rates.

The measures are aimed at reducing inflation to 8 per cent by December on a point-to-point basis.

The target is to further reduce inflation to 6 per cent by June next year, the central bank's spokesperson Mezbaul Haque was quoted as saying by domestic media reports.

Fibre2Fashion News Desk (DS)