Monetary policy on 15th

KARACHI: The State Bank of Pakistan (SBP) will announce its latest monetary policy decision on May 15, a statement issued on Monday said.

“As per its regular schedule, the Monetary Policy Committee of the SBP will meet on Friday, May 15, 2020 at the SBP Karachi to decide about the Monetary Policy,” it added.

The central bank slashed its key policy rate by 200 basis points (bps) to 9 percent last month in a bid to shield the economy from the impact of the coronavirus. The central bank has cut rates by a cumulative 425bps in its three meetings since March 17, 2020.

Analysts expect the State Bank of Pakistan is unlikely to cut interest rate in the immediate future. This was evident from the latest treasury bills auction where the government increased the cutoff yields on a 12-month paper by 28 basis points to 7.75 percent.