SBP to announce new monetary policy on July 31

KARACHI: The State Bank of Pakistan (SBP) will announce the first monetary policy rate of the fiscal year 2023-24 on July 31, ARY News reported.

According to a statement issued, the central bank has announced convening a meeting of the Monetary Policy Committee (MPC) on July 31 that would review the overall financial position of the country, economic indicators as well as performance of different internal and external sectors and decide about the Monetary Policy.

SBP Governor Jameel Ahmed will announce the monetary policy.

The statement further said that the second monetary policy will be released on September 14 while third rate on October 30.

The fourth and final meeting during the year will be held on Tuesday, December 12, 2023.

It is pertinent to mention here that the MPC of the central bank convened an emergency meeting on June 26, where it noted that potential upside risks to the inflation outlook have increased from the last meeting, and raised the policy rate by 100bps to 22 percent.