KARACHI – The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) will meet on October 30 (Monday) to decide the new monetary policy.
Moreover, SBP will issue the monetary policy statement through a press release on the same day after the meeting.
The Monetary Policy Committee of #SBP will meet on Monday, October 30, 2023 to decide about the Monetary Policy. SBP will issue the Monetary Policy Statement through a press release on same day. pic.twitter.com/Cmp8KRrEgn
— SBP (@StateBank_Pak) October 28, 2023
Recent developments indicate that the State Bank of Pakistan (SBP) might do one of two things: lower the interest rate or leave it as it is until the next Monetary Policy Committee (MPC) meeting, which is set for December 12, 2023.
Two positive signs for the economy are the strengthening of the local currency compared to the dollar and a slight decrease in inflation.
Experts are of the opinion that there’s no need to raise the interest rate, especially when inflation is going down and the rupee is doing well against foreign currencies.
According to these experts, the SBP is likely to either slightly reduce the interest rate or maintain it at the current level until the next MPC meeting.
It’s worth noting that the current interest rate in Pakistan stands at 22%, which is already high when compared to other countries in the region.
