The State Bank of Pakistan’s (SBP) Monetary Policy Committee will convene in Karachi on Monday, May 23, 2022, to decide on monetary policy.
Later that day, the SBP would announce the Monetary Policy Statement via a press release.
The central bank’s Monetary Policy Committee (MPC) will meet on Monday, May 23, 2022, to publish the final monetary policy for fiscal year (FY) 2021-22.
As a growing economic crisis threatens progress in the coming fiscal year, the central bank is projected to raise the policy rate by 100 basis points to 13.25 percent in its upcoming monetary policy announcement. Analysts predict that the MPC would evaluate not just the inflation trajectory, but also a few other economic events, such as those on the external account, as a crucial factor in the policy decision.
According to the State Bank of Pakistan, the country’s current account deficit shrank dramatically in April 2022 to $623 million, less than two-thirds of the deficit reported in March 2022.
The huge decrease in imports of $246 million and the $315 million rise in remittances had a favorable impact on the worrying deficit that had spun out of control in the previous month.
To read our blog on “State Bank of Pakistan Grants Approval for Pilot Operation to APPS for Ecommerce Payment Gateway “Payfast”” click here.
