The highly anticipated announcement of the monetary policy by the State Bank of Pakistan (SBP) is eagerly awaited and is scheduled to take place on Monday, March 18, 2024.
According to the statement issued, the Monetary Policy Committee (MPC) of the State Bank is slated to convene on March 18 to assess the prevailing economic and financial landscape. The committee will conduct a comprehensive review of various indicators, sectoral data, and significant developments that have unfolded since the last monetary policy announcement.
Following the deliberations, the SBP will disseminate the Monetary Policy Statement through a press release on the same day, providing stakeholders with insights into the central bank’s policy direction.
During its prior meeting on January 29, 2024, the MPC opted to maintain Pakistan’s policy rate at 22 percent, emphasizing the imperative of maintaining a steadfast tight monetary policy stance and fiscal consolidation efforts.
The committee expressed optimism regarding a gradual economic recovery in the fiscal year 2023-24, primarily attributed to anticipated growth in the agriculture sector. Furthermore, there were expectations of a resurgence in the industrial sector’s momentum in the latter part of FY24.
Projections suggested that real GDP growth is anticipated to range between 2 to 3 percent, while average inflation is forecasted to moderate within the 23 – 25 percent range by the conclusion of the ongoing financial year.
The forthcoming monetary policy announcement holds significant importance for various stakeholders, including businesses, investors, and policymakers, as it provides crucial insights into the central bank’s strategies and outlook for economic management and stability.
