SBP calls meeting to revise interest rates sooner amid price hikes

KARACHI: The monetary policy committee (MPC) of the State Bank of Pakistan (SBP), which regulates the interest rates of the country, has Tuesday decided to bring forward the next meeting to November 19 from the previously announced date of Nov 26 amid the unforeseen developments in the economy, ARY News reported.

“The meeting has been brought forward in light of recent unforeseen developments that have affected the outlook for inflation and the balance of payments,” the central bank circular announcing the rescheduling of the meeting said today.

It added that the meeting has been convened earlier “to help reduce the uncertainty about monetary settings prevailing in the market”.

The Monetary Policy Committee has decided to bring forward its upcoming meeting to Nov 19th, from the previously announced date of Nov 26th, in order to help reduce uncertainty about monetary settings prevailing in the market.https://t.co/nn8ftmNJhZ

— SBP (@StateBank_Pak) November 16, 2021

“The MPC will take stock of these developments and decide about monetary policy,” the announcement today read.

The SBP will issue the Monetary Policy Statement, the revision, if any, in the policy interest rates, through a press release on the same day.

US dollar continues losing streak against rupee in interbank

Earlier today, the United States (US) dollar maintained today its losing streak after it was depreciated by 0.23 percent in the interbank against the rupee.

According to the details shared by the SBP, the US dollar traded at Rs174.89 at the end of the day, shedding 0.40 paisas in the interbank.

The greenback closed yesterday at Rs175.29 in the interbank.