The State Bank of Pakistan’s (SBP) Monetary Policy Committee will convene in Karachi on Monday, May 23, 2022, to deliberate on monetary policy.
Later that day, the SBP would announce the Monetary Policy Statement through a press release.
The central bank’s Monetary Policy Committee (MPC) will meet on Monday, May 23, 2022, to publish the final monetary policy for the fiscal year (FY) 2021-22.
The Monetary Policy Committee of #SBP will meet on Monday, May 23, 2022 at SBP Karachi and will issue the Monetary Policy Statement through a press release on the same day.https://t.co/zuWz80Yjbz pic.twitter.com/Za931HmbQL
— SBP (@StateBank_Pak) May 20, 2022
As a growing economic crisis threatens progress in the next fiscal year, the central bank is projected to raise the policy rate by 100 basis points to 13.25 percent in its forthcoming monetary policy announcement. Analysts predict that the MPC would evaluate not just the inflation trajectory, but also a few other economic events, such as those on the external account, as a crucial factor in the policy decision.
According to the State Bank of Pakistan, the country’s current account deficit shrank dramatically in April 2022 to $623 million, less than two-thirds of the deficit recorded in March 2022.
The huge decrease in imports of $246 million and the $315 million rises in remittances had a favorable impact on the worrying deficit that had spun out of control in the previous month.