The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) on Tuesday has been rescheduled for March 2, 2023.
The meeting was previously scheduled to be held on March 16.
In the meeting, SBP and monetary institutions will work together to determine the interest rate in the country which is likely to jack up amid an agreement with the International Monetary Fund (IMF).
Pakistan has agreed to increase its policy rate by two percent during ongoing negotiations with the IMF, according to officials from the ministry of finance.
The country is sorting out the differences over fiscal policy that has stalled the release of more than $1 billion from $6.5 billion bailout package signed in 2019.
The interest rate currently stands at 17%.
The move is expected to have a significant impact on Pakistan’s economy, as higher interest rates can help to control inflation and stabilize the currency.
However, it may also be unpopular with consumers, as it could lead to higher borrowing costs and slower economic growth.
