KARACHI, Apr 26 (NNI): The State Bank of Pakistan (SBP) will announce the Monetary Policy on April 29 after a meeting of the Monetary Policy Committee (MPC).
A press statement issued by the central bank read that the MPC of SBP will meet on Monday, April 29 to decide about the Monetary Policy.
“Later on, SBP will issue the Monetary Policy Statement through a press release on the same day,” the statement read.
The MPC will decide the interest rate after the economic review.
Earlier on March, the MPC decided to keep the policy rate unchanged at 22 percent.
The MPC noted that nflation, in line with earlier expectations, has begun to decline noticeably from H2-FY24. The Committee, however, observed that despite the sharp deceleration in February, the level of inflation remains high and its outlook is susceptible to risks amidst elevated inflation expectations.
“This warrants a cautious approach and requires continuity of the current monetary stance to bring inflation down to the target range of 5 to 7 percent by September 2025. The Committee reiterated that this assessment is also contingent upon continued targeted fiscal consolidation and timely realization of planned external inflows,” the SBP maintained in its Monetary Policy Statement last month.
Earlier in the day, Pakistani Rupee gained 10 paisa against the US dollar in the interbank trading and closed at Rs 278.38 against the previous day’s closing of Rs278.48.
However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs 277.25 and Rs 279.8 respectively.
The price of the Euro increased by 20 paisa and closed at Rs 298.87 against the last-day closing of Rs 298.67, according to the SBP. NNI
