KARACHI : The Monetary Policy Committee (MPC) of State Bank of Pakistan (SBP) will meet on Monday, July 29, 2024 to decide about Monetary Policy. Governor SBP, Mr. Jameel Ahmad will announce the Monetary Policy decision at a press conference on the same day after the MPC meeting.
SBP has damaged Pakistan’s economy to dole out undue benefit to the banking sector. In the name of taming inflation , SBP kept on maintaining policy rate at explosive level of 22 percent for years. It resulted in ballooning the banks return on the loans given to the banks. The SBP and banking mafias nexus has literally put Pakistan’s survival at risk. It has already made the lives of the people of Pakistan miserable . The policy rate as high as 22 percent has brought economic and industrial activities to standstill.
Even after such a loss to Pakistan’s economy , SBP slashed the policy rate by only 1.5 basis points whereas FPCCI and other stakeholders of Pakistan’s economy were pleading it to make correction and cut the policy rate to a reasonable level to help them revive Pakistan’s economy. Now after more than two months, SBP may cut down the policy rate marginally as its still on the move to protect the banking mafia at the cost of the survival of the country.