State Bank meets to set policy rate, announcement due today
Investify expects a 50 basis point hike at the Monetary Policy Committee meeting, a projection the central bank has not confirmed.
The State Bank of Pakistan is due to announce its monetary policy rate today, with its Monetary Policy Committee meeting to set the benchmark rate while attention also stays on the prices of essential goods.
Business Recorder reported that the announcement was expected today and framed the decision as a choice between a hike and a hold. The central bank had not disclosed the decision at the time this report was filed.
Investify reported that the SBP was expected to raise the policy rate by 50 basis points at the meeting. That projection was carried by Investify and has not been confirmed by the central bank. No other figure appeared in the reports available to this newspaper.
Aaj News also carried an update on the prices of essential goods and market rates on the same day. Its headline did not carry a policy-rate figure.
The policy rate is the rate at which the central bank lends to commercial banks and sets the base for borrowing costs across the economy, from government paper to business credit and consumer loans. A change in it affects the cost of servicing government debt, borrowing by private firms and household purchasing power.
None of the reports available gave the current policy rate, the size of any expected change beyond Investify's projection, or the time at which the announcement would be made. The reports carried headline and standfirst text without full copy, and details of the committee's deliberations were not available.
This newspaper could not independently confirm the direction or size of the decision. Further reporting will follow the central bank's announcement.
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