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The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) will meet on Monday, October 30, 2023 at SBP Karachi to decide about the monetary policy.

“Later on, the SBP will issue the Monetary Policy Statement through a press release on the same day,” a statement released by the central bank read on Saturday.

As per market analysts, the MPC is expected to keep the key policy rate unchanged in its upcoming meeting.

The key policy rate already stands at a record high of 22%.

“We believe the SBP will keep the policy rate unchanged at 22% in the upcoming MPC meeting,” said Topline Securities, in its report.

Similar sentiments were expressed by other brokerage houses.

To recall, in the last scheduled meeting of September 2023, the SBP also maintained the policy rate unchanged at 22%, citing that the decision took into consideration the latest inflation trends, which indicated a sustained decline in inflation rates, dropping from its peak of 38% in May to 27.4% in August.

Despite recent increases in global oil prices, the committee anticipated that inflation will continue its downward trajectory, particularly in the latter half of the year.

“We also expect the headline inflation to continue its downward trajectory in the upcoming months,” said Arif Habib Limited (AHL), another brokerage house, in its recent report, adding that the average MoM rate projected to be 1.03% until June 2024.

“These expectations are based on several factors, including reduced demand-side pressures, the stabilization of global commodity prices, and the influence of a high base effect. This stands in contrast to the FY23, where the average headline inflation rate was higher at 29.2%,” said AHL.

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