The State Bank of Pakistan (SBP) has announced that the Monetary Policy Committee (MPC) will convene on Monday, June 12, 2023, at the SBP headquarters in Karachi to discuss the Monetary Policy. A press statement released by the central bank today confirmed this information.
Following the meeting, the SBP will issue a press release on the same day, presenting the Monetary Policy Statement to the public.
During the previous MPC meeting held on April 4, 2023, the committee made the decision to increase the policy rate to a record high of 21%, raising it by 100 basis points (bps).
The economy has been grappling with persistent inflationary pressures, evident in the rise of the consumer price index (CPI) for the month of May 2023. The CPI recorded a year-on-year increase of 38%, compared to 36.4% in the previous month and 13.8% in May 2022.
Despite the prevailing high inflation, market discussions indicate that the benchmark policy rate is expected to remain unchanged due to the influence of the high base effect.
