Rumours of emergency MPC meeting are 'completely baseless': SBP

The central bank shares post on X to dispel rumours

KARACHI (Dunya News) - Brushing aside the rumours about holding an emergency meeting of the Monetary Policy Committee (MPC), the State Bank of Pakistan (SBP) said such reports were “completely baseless”.

Taking to social media platform X, the central bank said, “The reports making rounds in media about holding of an emergency meeting of the MPC of SBP are completely baseless."

The statement by the central bank comes amid speculation by analysts about the policy rate being hiked to 300 basis points in light of a fragile economy and the steady depreciation of the rupee. 

Reports circulating in media about an emergency meeting of the Monetary Policy Committee are completely baseless. Next meeting is scheduled for Sep 14, 2023, during which the committee will assess the economic developments and take appropriate decisions.https://t.co/F60313DJAu pic.twitter.com/ajechHYlf3

— SBP (@StateBank_Pak) September 1, 2023

According to the SBP, it would be “premature to forecast the future policy rate as only the MPC, which is an independent statutory body, is empowered to decide about the policy rate”.

The next committee meeting was scheduled for September 14, during which the MPC would “take stock of the economic developments and take [an] appropriate decision in the matter,” the central bank said.