SBP keeps policy rate unchanged at 22pc for sixth consecutive session

The State Bank of Pakistan (SBP) on Monday chose to maintain the status quo by upholding the key policy rate at 22 per cent for the sixth policy meeting in a row. The decision was the first under the newly elected government. It also comes ahead of the International Monetary Fund (IMF)’s last review due on March 14 -18 for the $1.1 billion disbursement under the current Stand-By Arrangement (SBA). In a statement, the SBP said the central bank’s Monetary Policy Committee (MPC) had met earlier today and reviewed the current economic developments. Regarding the decision to maintain the status quo, the committee noted that although inflation had declined noticeably, it still remained “high and its outlook is susceptible to risks amidst elevated inflation expectations”