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KARACHI: The State Bank of Pakistan (SBP) on Monday announced the advance calendar of Monetary Policy Committee (MPC) meetings for the period between January and June 2023.
It states that throughout the subsequent six months, the central bank has scheduled four meetings. The first meeting will take place on Monday, January 23, 2023, while the second meeting will take place on Thursday, March 16, 2023.
The fourth meeting is anticipated to take place on June 12 (Monday), 2023, whereas the third meeting is set for April 27 (Thursday), 2023.
It is worth mentioning that the MPC is responsible and fully empowered to decide the monetary policy stance.
Section 9E of the SBP Act 1956 lays out the powers and functions of the Monetary Policy Committee that have been mainly identified to formulate monetary policy, including, as appropriate, decisions relating to intermediate monetary objectives, key interest rates and the supply of reserves in Pakistan and may make regulations for their implementation.
Moreover, the MPC also approves and issues the monetary policy statement and other monetary policy measures. It also performs any other functions conferred on it by law and carries out any ancillary activities incidental to the exercise of its functions under this Act.