State Bank of Pakistan set to unveil monetary policy next week

WEB DESK: The State Bank of Pakistan (SBP) is set to unveil its monetary policy on Tuesday, December 12. In a statement released on Friday, the central bank confirmed that the Monetary Policy Committee (MPC) of SBP will convene in Karachi on December 12 to deliberate on monetary policy.

Subsequently, the central bank will release the official monetary policy statement.

During its last meeting on October 30, the MPC took a cautious approach and opted to keep the policy rate steady at 22 per cent. This decision was influenced by the ongoing volatility in the global market.

The committee underscored the importance of maintaining a tight monetary policy stance to counter inflationary pressures.

PKR ends another week with gains

The Pakistani rupee (PKR) continued its positive trend this week, gaining Rs1.09 against the US dollar (USD). The local unit settled at PKR 283.8715 per dollar, a notable improvement from last week’s closing at PKR 284.97 per USD.

In today’s trading session, the local currency closed with a 25-paisa gain. The intraday high (bid) was recorded at Rs284.05.

In the open market, exchange companies set the buying rate for the dollar at Rs283 and the selling rate at Rs284.75.

This marks the fourth consecutive day of gains for the PKR against the US dollar.

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