The State Bank of Pakistan (SBP) on Tuesday decided to move its next meeting forward from the previously announced date of November 26, 2021.
In a brief statement issued in this regard, the central bank said the Monetary Policy Committee (MPC) will now convene at the SBP Karachi on Friday, November 19.
According to the central bank, the meeting has been moved forward in light of “recent unforeseen developments that have affected the outlook for inflation and the balance of payments.”
The statement further said that the meeting will be convened earlier in order to help reduce the uncertainty about monetary settings prevailing in the market.
“The MPC will take stock of these developments and decide about monetary policy. The SBP will issue the Monetary Policy Statement through a press release on the same day.”
SBP increases interest rate by 25 bps to 7.25%
In September, against the market expectations, the SBP had announced an increase of 25 basis points in its benchmark policy rate in a bid to control soaring inflation that has affected the entire economy.
Announcing the bi-monthly monetary policy review, the central bank had said the decision to increase the interest rate to 7.25% was taken because the pace of the economic recovery has exceeded expectations.