KARACHI: In an apparent attempt to increase the pace of efforts to secure the much-awaited International Monetary Fund’s (IMF) tranche, the State Bank of Pakistan (SBP) on Tuesday preponed its Monetary Policy Committee (MPC) meeting on March 2.
The meeting was earlier scheduled to meet on March 16.
Taking to Twitter, the central bank stated: “The forthcoming meeting of the Monetary Policy Committee has been preponed and now it will be held on Thursday, March 02, 2023.”
Market experts are expecting a 200-basis-point increase in the central bank’s policy rate, which currently stands at 17 per cent.
Pakistan has already agreed to raise the interest rate in an off-cycle review by two per cent, as the cash-strapped country faces pressure to mend its finances to secure $1 billion from the International Monetary Fund.
The Ministry of Finance authorities, according to reports, said the agreement was reached in Friday night (March 24)’s virtual talks with the officials of the global lender.
