SBP to announce new Monetary Policy on July 16

KARACHI: The State Bank of Pakistan (SBP) will announce its new monetary policy on July 16 (Tuesday), ARY News reported on Friday.

The Monetary Policy Committee of SBP is scheduled to meet on Tuesday at SBP Head Office Karachi to decide about Monetary Policy, said a press statement issued by SBP.

SBP governor, Dr Reza Baqir will unveil the decision of the MPC at a press conference at 4:00 p.m on the same day, the statement further added.

Meanwhile, Pakistan’s foreign exchange reserves dipped US$189 million to US$14,259.3 during the week ending on July 5.

According to the State Bank of Pakistan, the country’s total liquid foreign reserves stood at US$14,259.3 million on July 5.

Read More: Interest rate jacked up to 12.25 per cent in SBP’s latest monetary policy

The break-up of the foreign reserves position is as follows:

Foreign reserves held by the State Bank of Pakistan: US$ 7,083.6 million; net foreign reserves held by commercial banks: US$ 7,175.7   million; total liquid foreign reserves: US$  14,259.3 million.

The foreign reserves saw a decrease owing to the country’s external financing requirements, including payments on account of external debt servicing.