ISLAMABAD: The State Bank of Pakistan (SBP) is set to unveil the Monetary Policy on April 29, 2024, following a meeting of the Monetary Policy Committee (MPC).
According to a press release from the central bank, the MPC of SBP will convene on Monday, April 29, to make decisions regarding the Monetary Policy.
“Subsequently, SBP will release the Monetary Policy Statement via a press release on the same day,” the statement added.
The MPC will determine the interest rate following a review of the economy.
In March, the MPC opted to maintain the policy rate at 22 percent.
The MPC acknowledged that inflation, as anticipated earlier, has begun to decrease notably from H2-FY24. However, it noted that despite the significant slowdown in February, inflation remains high, and its outlook is subject to risks amid elevated inflation expectations.
“This necessitates a cautious approach and the continuation of the current monetary stance to bring inflation within the target range of 5 to 7 percent by September 2025. The Committee reiterated that this assessment is also dependent on ongoing targeted fiscal consolidation and the timely realization of planned external inflows,” the SBP stated in its Monetary Policy Statement last month.
Earlier today, the Pakistani Rupee strengthened by 10 paisa against the US dollar in interbank trading, closing at Rs 278.38 compared to the previous day’s closing of Rs 278.48.
However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market were Rs 277.25 and Rs 279.8, respectively.
The Euro increased by 20 paisa, closing at Rs 298.87 against the previous day’s closing of Rs 298.67, according to the SBP.
