Karachi: State Bank of Pakistan (SBP) will announce monetary policy on Thursday, (September 14) in meeting of Monetary Policy Committee. Committee of SBP will meet at SBP Karachi to decide about Monetary Policy, press release issued by SBP said. Later on, SBP will issue Monetary Policy Statement through press release on same day.

Economic and political crises have seen State Bank of Pakistan lift its benchmark rate by 12.25 percent points to 22 percent since April 2022, although it held rate steady at its last meeting in July. Reuters’ poll of 17 analysts shows that 15 are forecasting a rate hike. Of those, nine predict an increase of at least 150 basis points (bps). Other two analysts expect rate to remain unchanged.

"Recent currency depreciation is also key reason why another rate hike is likely, especially since use of foreign-exchange reserves which are still very low is not viable option," said Shivaan Tandon, economist at Capital Economics.

Published in The Daily National Courier, September, 13 2023

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