SBP To Announce The Monetary Policy On Monday

Muhammad Irfan Published December 13, 2024 | 07:25 PM

The State Bank of Pakistan (SBP) will announce Monetary Policy on Monday, December 16, 2024 following the meeting of Monetary Policy Committee. The central bank, in a statement issued here on Friday, announced that Monetary Policy Committee (MPC) of SBP will be held on December 16 to decide about the Monetary Policy

KARACHI, (UrduPoint / Pakistan Point News - 13th Dec, 2024) The State Bank of Pakistan (SBP) will announce Monetary Policy on Monday, December 16, 2024 following the meeting of Monetary Policy Committee. The central bank, in a statement issued here on Friday, announced that Monetary Policy Committee (MPC) of SBP will be held on December 16 to decide about the Monetary Policy.

The MPC will review overall financial and fiscal situation, major economic indicators, data of different sectors and major developments taken place since announcement of the previous monetary policy while its decisions would be conveyed by the central bank through the Monetary Policy Statement.

The Monetary Policy Committee, in its previous meeting on November 4, 2024, slashed for the fourth consecutive time since June 2024, the policy rate by 250 basis points to 15 percent owing to faster than expected decline in inflation, expanding foreign reserves and better prospects of commodity-producing sectors.

The MPC assessed that sharp decline in food inflation, favourable global oil prices and absence of expected adjustments in gas tariffs and PDL rates have accelerated the pace of disinflation in recent months but the committee was also cautious of volatility in near-term inflation before stabilizing within the target range.

The Committee has termed the monetary policy stance as appropriate to achieve the objective of price stability on a durable basis by maintaining inflation within the 5 - 7 percent target range and anticipated that it will also support macroeconomic stability and help achieve economic growth on a sustainable basis.

On the other side, different trade bodies including FPCCI and KCCI have urged the central bank to substantially reduce the policy rate while considering continuous decline in inflation and bring it into single digit to support economic growth and business activity in the country.