SBP Issues Monetary Policy Committee Meetings Schedule for July-Dec FY23

The State Bank of Pakistan (SBP) has issued the half-yearly schedule of the Monetary Policy Committee (MPC) for the remainder of the calendar year, 2023. According to the schedule, the next meeting of the MPC will be held on Monday, July 31, 2023, followed by a meeting on Thursday, September 14, 2023, and Monday, October 30, 2023. The fourth and final meeting during the year will be held on Tuesday, December 12, 2023. To make the process of monetary policy formulation predictable and transparent, the central bank announces a half-yearly schedule of Monetary Policy Committee (MPC) meetings on a rolling basis. The Monetary Policy Committee is responsible and fully empowered to decide the monetary policy stance. It is pertinent to mention here that the MPC of the central bank convened an emergency meeting on June 26, where it noted that potential upside risks to the inflation outlook have increased from the last meeting, and decided to raise the policy rate by 100bps to 22 percent. The emergency meeting was not scheduled and came just two weeks after the scheduled MPC meeting held on June 12 where it decided to keep the policy rate unchanged at 21 percent.