Karachi: The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) will meet today (Friday) to decide the key policy rate for the next month and a half.
According to the SBP, the MPC will issue the Monetary Policy Statement through a press release after the meeting.
The Monetary Policy Committee of #SBP will meet on Friday, November 25, 2022 & will issue the Monetary Policy Statement through a press release on the same day.
— SBP (@StateBank_Pak) November 24, 2022
The policy rate was hiked to reach 15% in the July 7 meeting of the MPC to tame the soaring inflation. Afterwards, the policy rate remained unchanged when the committee met on August 22 and October 10.
“The Monetary Policy Committee (MPC) decided to maintain the policy rate at 15 percent. The MPC noted the continued deceleration in economic activity as well as the decline in headline inflation and the current account deficit since the last meeting,” the committee said via a statement on October 10.
Similar to the last two meetings, market analysts have developed a consensus that the central bank will leave the rate unchanged at 15% in order to wait for the stabilization of the economy.
It is important to know that the central bank increased the rate by a cumulative 800 basis points in 11 months (September 2021 to July 2022) to 15%.