State Bank Discloses Monetary Policy Meetings Line-Up

In a novel move, State Bank of Pakistan (SBP) has disclosed the schedule for the monetary policy meetings in 2021. The initiative is the first of its kind in the central bank’s history taken under SBP Governor Dr Reza Baqir.

The measure will enable the process of monetary policy formulation more predictable and transparent.

According to the half-yearly schedule of Monetary Policy Committee (MPC) meetings, the sittings would be done between May and November.

The monetary policy decisions are issued every alternate month in, July, September, November, January, March and May.

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The first MPC meeting will be held on May 28 followed by second on July 27.

#SBP has decided to release an advance calendar of MPC meeting dates, in line with international best practices. This will increase the predictability of #monetarypolicy decision making, thus enhancing accountability and reducing uncertainty. Please see: https://t.co/LIhb3zIB66 pic.twitter.com/skMQkv24ER

— SBP (@StateBank_Pak) May 20, 2021

The third meeting of the committee would take place on September 20 while the last one, as per the given schedule, would be convened on November 26.

The rules bind to a minimum of 6 MPC meetings every year. Besides this, MPC can convene emergency meetings during the intervening period upon requirement.

The experts said that the move could be aimed at building impression of transparency to pave way for the autonomy of the central bank as sought by International Monetary Fund (IMF).