The State Bank of Pakistan (SBP) has released its monetary policy calendar for fiscal year 2025-26, with the first meeting of the Monetary Policy Committee (MPC) to take place on July 30.
In a statement, the central bank said that in line with Strategic Plan Vision 2028, and to enhance transparency in the monetary policy formulation process, it would publish a Monetary Policy Report on a biannual basis. These reports would be released within two weeks of the July and January MPC meetings and update the SBP’s projections for key macroeconomic indicators. The reports, reads the statement, would supplement the SBP’s other monetary policy-related communications with key stakeholders.
Such efforts, said the central bank, are geared toward enhancing the effectiveness of monetary policy transmission by anchoring inflation expectations, and are part of the SBP’s roadmap toward adopting an inflation-targeting regime.
Further, in line with its efforts to increase institutional transparency and instill greater stakeholder confidence in financial planning over a longer period, the SBP has decided to increase the horizon of the advance calendar of MPC meetings. The schedule of MPC meetings for the ongoing fiscal is as follows:
- Wednesday, July 30, 2025
- Monday, Sept. 15, 2025
- Monday, Oct. 27, 2025
- Monday, Dec. 15, 2025
- Monday, Jan. 26, 2026
- Monday, March 9, 2026
- Monday, April 27, 2026
- Monday, June 15, 2026
Acting on declining inflation, which peaked at 38% in May 2023, the central bank last year reduced the interest rate to 11% from a peak of 22% in May 2023. In June, inflation clocked in at 3.2%, down from 3.5% in June. The real interest rate of around 7.5% creates room for a rate cut in the upcoming meeting, though analysts say it is unlikely as the rupee depreciates against the U.S. dollar.