Karachi, July 22, 2025 – In a move to promote greater transparency and long-term planning, the State Bank of Pakistan (SBP) has announced its decision to release a Monetary Policy Report (MPR) on a bi-annual basis, aligned with the central bank’s Strategic Plan – Vision 2028.
According to an official statement issued on Tuesday, the SBP stated that the bi-annual MPRs will serve as a critical component in strengthening the monetary policy communication framework. These reports will be published within two weeks following the Monetary Policy Committee (MPC) meetings held in July and January each year.
The central bank emphasized that these reports aim to provide updated projections on key macroeconomic indicators, including inflation, growth, and external sector trends. The initiative is intended to supplement existing monetary policy communications and help reinforce the transmission mechanism of monetary policy, especially in the context of Pakistan’s evolving economic landscape.
The SBP highlighted that these efforts are a step toward anchoring inflation expectations more effectively—an essential aspect of moving toward a structured inflation-targeting regime. The enhanced transparency is also expected to foster stakeholder confidence and facilitate better financial decision-making in both public and private sectors.
In another major step to improve predictability and stakeholder engagement, the SBP has also extended the planning horizon of the MPC meeting schedule. For the entire fiscal year 2025-26 (FY26), the advance calendar for MPC meetings is as follows:
1 Wednesday, July 30, 2025
2 Monday, September 15, 2025
3 Monday, October 27, 2025
4 Monday, December 15, 2025
5 Monday, January 26, 2026
6 Monday, March 9, 2026
7 Monday, April 27, 2026
8 Monday, June 15, 2026
The next advance calendar for MPC meetings will be released in July 2026. The SBP has also clarified that any changes due to unforeseen developments will be communicated in a timely manner.
This announcement reflects the central bank’s commitment to strengthen its monetary policy framework, improve policy effectiveness, and enhance stakeholder engagement across the financial system.