KARACHI: The State Bank of Pakistan (SBP) has refuted the reports of holding an emergency meeting of the Monetary Policy Committee (MPC) to hike the policy rate. 

Earlier, reports circulated that the SBP was likely to hike interest rates by as much as 300 points to 25.

The central bank in its clarification said reports claiming holding a session of the Monetary Policy Committee are baseless. Furthermore, it would be premature to forecast the future policy rate as only the MPC, which is an independent statutory body, is empowered to decide about the policy rate, the SBP added.

The meeting of the Monetary Policy Committee will be held on September 14 as per schedule during which it will take stock of the economic developments and take appropriate decisions in the matter, the central bank said in a statement.

The rate currently stands at 22% which was announced on June 26 this year. The rate is the highest in the country’s history.

The last meeting of the MPC was held on July 31 when the interest rates were kept unchanged.

Meanwhile, the foreign exchange reserves held by the State Bank of Pakistan (SBP) have dropped to $7.84 billion after decrease of $81 million.