Karachi: According to news reports, the State Bank of Pakistan (SBP) decided on Tuesday (November 16) to host a Monetary Policy Committee (MPC) review meeting this week on November 19 (Friday), seven days earlier than previously anticipated. The decision was made in light of the unusual conditions surrounding inflation and balance of payment issues, according to the central bank’s official Twitter handle.
According to the information, the MPC was set to meet on November 26th, but it was delayed due to changing economic, inflation, and monetary policy-related factors. The focus of the most recent meeting will be on the review of monetary policy, with a statement on policy adjustments or alterations coming the same day as the meeting. The MPC also decided to deal with rising import costs as well as inflation, which hit 9.2% in November.
The central bank may modify its monetary policy by 25-50 basis points at its upcoming meeting, according to market speculation and economists. It’s worth noting that the MPC raised interest rates to 7.25 percent from 7 percent in September, after standing stable for 13 months.