As the State Bank of Pakistan (SBP) gears up to announce the monetary policy with Acting Governor Dr Murtaza Syed set to address a press conference today, Business Recorder takes a look at the previous meetings.

Since April this year, the SBP has increased the interest rates by 400 basis points. The key rate currently stands at 13.75%, which is the highest since early 2011.

However, with the consumer price index (CPI)-based inflation reading hitting 21.32% on a year-on-year basis in June 2022, most analysts now expect the SBP to announce another hike in the interest rate.

Here is an informal poll conducted by Business Recorder:

Here are announcements from the 7 previous MPC meetings

The SBP has raised rates in 5 of the previous 7 meetings since September 2021, cumulatively increasing the interest rates by 675 basis points.

September 2021: First hike in over 2 years: SBP raises key interest rate by 25 basis points

November 2021: Monetary policy: SBP raises key interest rate by 150 basis points, takes it to 8.75%

December 2021: 3rd successive hike: SBP increases key interest rate by 100 basis points, takes it to 9.75%

January 2022: Monetary policy: SBP keeps policy rate unchanged at 9.75%

March 2022: SBP keeps interest rate unchanged at 9.75%

Emergency meeting in April 2022: At emergency MPC meeting, SBP raises policy rate by 250 basis points to 12.25%

May 2022: SBP raises key interest rate by 150 basis points, takes it to 13.75%

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