SBP releases schedule for upcoming MPC meetings in 2024

WEB DESK: The State Bank of Pakistan (SBP) has released the schedule for its Monetary Policy Committee (MPC) meetings for the second half of 2024.

The upcoming meetings will be held on the following dates:

• Monday, July 29, 2024
• Thursday, September 12, 2024
• Monday, November 4, 2024
• Monday, December 16, 2024

In the most recent MPC meeting on 10 June 2024, the committee reduced the interest rate by 150 basis points to 20.5 per cent, marking the first decrease after maintaining a record-high rate of 22 per cent for a year.

This decision follows a period of aggressive measures to combat rising inflation, representing the first rate cut in nearly four years.

The State Bank of Pakistan (SBP) is anticipated to further relax its monetary policy, driven by a decline in inflation rates and positive economic indicators, according to brokerage firm Arif Habib Limited (AHL). AHL’s recent poll revealed that 55.7 per cent of respondents expect the central bank to reduce the policy rate.

AHL forecasts a 100 basis points cut, which would lower the policy rate to 19.5 per cent, a level not seen since March 2023. The MPC of the SBP is scheduled to meet next week to deliberate on this decision.

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