SBP to hold MPC meeting on March 2

February 28, 2023 (MLN): The forthcoming meeting of the Monetary Policy Committee (MPC) has been preponed to March 02, 2023, from its previously scheduled date of March 16, 2023, the State Bank of Pakistan (SBP) informed today via its official Twitter handle. 

The forthcoming meeting of the Monetary Policy Committee has been preponed and now it will be held on Thursday, March 02, 2023. pic.twitter.com/555JOhCFoe

— SBP (@StateBank_Pak) February 28, 2023

The decision comes in line with the expectations of market participants who had anticipated an emergent MPC meeting to raise the policy rate and unlock the International Monetary Fund (IMF) deal.

The central bank's announcement has been well-received by the majority of individuals who participated in a recent poll conducted by Mettis Link News. The poll suggests that the policy rate might be increased by 200 basis points to 19%.

The rescheduling of the MPC meeting indicates that the central bank is taking necessary measures to stabilize the country's economy, which has been affected by high inflation and an unstable exchange rate.

Experts believe that an increase in the policy rate may help to control inflation and attract foreign investment to the country.

The government has been striving to secure an IMF deal to support Pakistan's economic growth and stability.

The central bank's decision to hold an emergent MPC meeting may prove to be a significant step in unlocking the much-needed IMF deal.

The upcoming meeting is expected to provide more clarity on the central bank's monetary policy stance and its efforts to stabilize the country's economy.

Copyright Mettis Link News