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No emergency MPC meeting convened, clarifies SBP

10:28 AM | 1 Sep, 2023
SBP
Source: File photo

KARACHI – The State Bank of Pakistan (SBP) on Friday refuted rumours regarding the convening of an emergency meeting of the Monetary Policy Committee (MPC), dismissing such reports as “unfounded.”

The central bank took to the social media platform X (formerly Twitter) to state, “The circulating reports in the media about an emergency MPC meeting at SBP are entirely without merit.”

This statement from the central bank comes in response to analysts’ speculations about the possibility of a 300 basis point increase in the policy rate due to concerns about the weakening economy and the continuous depreciation of the rupee.

Just a day before, the KSE-100 index of the Pakistan Stock Exchange had seen a sharp decline of approximately 1,250 points or 2.7%, with many analysts attributing these losses to rumours of an impending interest rate hike.

While not directly addressing these rumours, the SBP emphasized that making predictions about the future policy rate at this stage would be premature, as only the MPC, an independent statutory body, possesses the authority to make decisions concerning the policy rate.

The statement further mentioned that the next committee meeting was scheduled for September 14, during which the MPC would assess current economic developments and make an appropriate decision regarding the matter.

Following the previous MPC meeting in July, the SBP had opted to maintain the key policy rate at 22 percent. The bank had also held rates steady in June, citing that inflation had reached its peak at 38 percent the previous month. However, shortly before the end of June, an emergency meeting resulted in a 100 basis point rate hike, citing a “slightly deteriorated inflation outlook.”

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan Today - Pak Rupee to US Dollar, Euro, Dirham, Riyal 19 May 2024

Pakistani currency rates against US Dollar and other currencies on May 18, 2024 (Saturday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.4 for buying and 280.35 for selling.

Euro stands at 297 for buying and 299.5 for selling while British Pound rate is 348.5 for buying, and 352 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal came down to 73.50.

Today’s currency exchange rates in Pakistan - 19 May 2024

Currency Symbol Buying Selling
US Dollar USD 277.4 280.35
Euro EUR 297 299.5
UK Pound Sterling GBP 348.5 352
U.A.E Dirham AED 75.25 76
Saudi Riyal SAR 73.5 74.25
Australian Dollar AUD 181 183
Bahrain Dinar BHD 747.77 755.77
Canadian Dollar CAD 203 205
China Yuan CNY 38.49 38.89
Danish Krone DKK 40.25 40.65
Hong Kong Dollar HKD 35.96 36.31
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 913.28 922.28
Malaysian Ringgit MYR 58.69 59.29
New Zealand Dollar NZD 169.45 171.45
Norwegian Krone NOK 25.67 25.97
Omani Riyal OMR 730.59 738.59
Qatari Riyal QAR 76.41 77.11
Singapore Dollar SGD 203 205
Swedish Korona SEK 25.67 25.97
Swiss Franc CHF 309.01 311.51
Thai Baht THB 7.57 7.72

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