KARACHI: The Monetary Policy Committee (MPC) has decided to maintain the policy rate at 11.5 percent, keeping borrowing costs unchanged following its latest monetary policy meeting.
The committee announced the decision after meeting on September 14, 2026, opting against either raising or reducing the benchmark interest rate.
Consequently, the policy rate will remain at its existing level until the committee announces a further change following a subsequent monetary policy review.
The decision means the MPC has chosen to maintain its current monetary policy stance rather than introduce an immediate adjustment to interest rates.
MPC Opts to Maintain Existing Interest Rate
The policy rate plays a central role in determining borrowing conditions across the economy and influences the cost at which businesses and consumers can access financing.
Moreover, commercial lending rates and other financial market indicators typically respond to changes in the central bank’s benchmark rate.
By keeping the rate unchanged at 11.5 percent, the MPC has maintained the monetary conditions prevailing before Monday’s meeting.
However, the initial announcement provided no additional details explaining the factors behind the committee’s decision.
Further Details on Decision Awaited
The brief announcement also did not provide updated assessments of inflation, economic growth, external-sector conditions or other indicators that may have influenced the MPC’s deliberations.
Therefore, further details from the monetary policy statement will provide greater clarity about the committee’s assessment of economic conditions and the considerations behind maintaining the existing rate.
The MPC periodically reviews monetary conditions before deciding whether the policy rate should increase, decrease or remain unchanged.
For now, the benchmark rate stands at 11.5 percent following the September 14 meeting, with markets awaiting further information on the committee’s economic outlook and future monetary policy direction.
The Monetary Policy Committee (MPC) has decided to keep the Policy rate unchanged at 11.5 percent in its meeting held on September 14, 2026.
— SBP (@StateBank_Pak) September 14, 2026
