Karachi, September 1, 2023 – The State Bank of Pakistan (SBP) has officially dismissed rumors of an unscheduled monetary policy committee (MPC) meeting and reaffirmed that the next review of interest rates will take place on September 14, 2023.
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In a statement released by the central bank, it was emphatically stated that the reports circulating in the media regarding an emergency gathering of the Monetary Policy Committee (MPC) of SBP are entirely devoid of truth.
Additionally, the SBP underscored that making predictions about the future policy rate would be premature, as this authority rests solely with the MPC, an independent statutory body empowered to make determinations regarding the policy rate.
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The forthcoming meeting of the MPC is firmly scheduled for September 14, 2023. During this session, the committee will thoroughly assess the economic landscape and make appropriate decisions pertaining to monetary policy.
The SBP’s clarification comes in response to rumors that had been circulating, suggesting an imminent policy meeting where the central bank might consider raising the benchmark rate by 200 to 300 basis points. These unfounded speculations had a notable impact on the stock market, resulting in a decline of over 1,200 points in the preceding trading session.
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