State Bank to announce monetary policy on Oct 30

LAHORE: The State Bank of Pakistan (SBP) will announce its new monetary policy for the next two months on Monday (Oct 30), ARY News reported on Saturday.

In a statement on X, the central bank said: “The Monetary Policy Committee of SBP will meet on Monday, October 30, 2023 to decide about the Monetary Policy. SBP will issue the Monetary Policy Statement through a press release on same day.”

The Monetary Policy Committee of #SBP will meet on Monday, October 30, 2023 to decide about the Monetary Policy. SBP will issue the Monetary Policy Statement through a press release on same day. pic.twitter.com/Cmp8KRrEgn

— SBP (@StateBank_Pak) October 28, 2023

It is pertinent to mention here that the State Bank’s policy rate is currently 22 percent.

The central bank has raised its policy rate by a cumulative 1,500 basis points since October 2021 to curb soaring inflation and support the external balance. The rate has been on hold since July 2023.

In the last meeting in July, State Bank of Pakistan (SBP) decided to keep the interest rate unchanged at 22 percent.

The State Bank’s Monetary Policy Committee thoroughly reviewed the economic data and the prevailing inflation situation before deciding to maintain the interest rate. It was noted that there has been a significant improvement in the current account due to the government’s initiatives.

The decision came amidst the backdrop of the country grappling with a high inflation rate, which currently stands at 29.65 percent.