SBP Reveals First-Ever Calendar for Monetary Policy Committee

Taking another step towards making the process of monetary policy formulation more predictable and transparent, the State Bank of Pakistan (SBP) has decided to begin announcing a half-yearly schedule of Monetary Policy Committee (MPC) meetings on a rolling basis. In this regard, the dates for the next four meetings are envisaged as follows: It is pertinent to mention that a minimum of 6 MPC meetings is scheduled every year. In addition, the MPC can convene emergency meetings during the intervening period – if required. In taking this step, SBP is following international best practices. To manage expectations of economic agents, many central banks across the globe release the schedule of Monetary Policy Committee meetings in advance. This practice is consistent to reduce uncertainty around monetary policy decision-making. Clear communication helps to make central banks more transparent and thereby contributes to enhancing their accountability. Central bank communication and transparency are also key for the effective transmission of monetary policy decisions. In this context, SBP has, over the years, been seeking to modernize and increase transparency in the monetary policy-making process, in line with international best practices. Some of these initiatives are laid out below: Looking forward, SBP remains committed to continuing modernizing its communication in line with international best practices and evolving domestic circumstances.