SBP to announce monetary policy on January 23

The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) set to meet on Monday, January 23, 2023, to decide about Monetary Policy, the statement issued by SBP on Friday said.

Governor SBP, Mr. Jameel Ahmad will announce the Monetary Policy decision at a press conference on the same day after the MPC meeting, it added.

In the last MPC meeting, the committee decided to increase the policy rate by 100 basis points (bps) to 16% to ensure that elevated inflation does not become entrenched.

Amid the ongoing economic slowdown, inflation is increasingly being driven by persistent global and domestic supply shocks that are raising costs.

MPC was of the view that “In turn, these shocks are spilling over into broader prices and wages, which could de-anchor inflation expectations and undermine medium-term growth.”