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SBPraises policy rate by 150 bps to 8.75pc

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KARACHI: The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) in its meeting on Friday decided to raise the Policy Rate by 150 basis points (bps) to 8.75 percent.
The outcome of the meeting was in line with the market expectation where a reasonable number of individuals believed that the monetary policy committee of SBP will increase the policy rate by 100 bps or above.
Meanwhile, the SBP has increased MPC meetings from 6 to 8 times a year in order to make the process of monetary policy formulation more predictable and transparent in line with international best practices.
This action will bring the frequency of meetings in line with comparable emerging markets. It will also help to enhance the predictability of monetary policy actions.
Accordingly, the schedule for the next five MPC meetings including December MPC meeting on Tuesday, 14th Dec 2021, January MPC meeting on Monday, 24th Jan 2022, March MPC meeting on Tuesday, 8th Mar 2022, April MPC meeting on Tuesday, 19th Apr 2022 and June MPC meeting on Friday, 10th Jun 2022.
The advance calendar for the next half-year of MPC meetings will be shared at the time of the June 2022 MPC meeting. – TLTP