SBP to hold MPC meeting on July 31

MG News | July 27, 2023 at 12:27 PM GMT+05:00

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July 27, 2023 (MLN): The Monetary Policy Committee of the State Bank of Pakistan (SBP) will meet on Monday, July 31, 2023, at SBP Karachi to decide about the Monetary Policy, press statement issued by the central bank issued today.

Governor SBP Jameel Ahmad will announce the Monetary Policy decision at a press conference on the same day after the MPC meeting.

In the last Monetary Policy Committee (MPC) meeting on June 26, 2023, the committee decided to raise the policy rate by 100 basis points (bps) to 22%.

It is worth noting that the consumer price index (CPI) for the month of June 2023 clocked in at 29.4% YoY, compared to 38% YoY in the last month and 21.3% YoY in June 2022.

The market talk suggests that an interest rate hike is expected as per the requirements under the Stand-By-Agreement (SBA) between the International Monetary Fund (IMF) and Pakistan.

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