KARACHI – The SBP will revise intertest rate today in line with apparent attempt to increase the pace of efforts to secure the much-awaited IMF’s tranche.

The meeting was earlier scheduled to meet on March 16(thursday).

Taking to Twitter, the central bank stated: “The forthcoming meeting of the MPC has been preponed & now it will be held on Thursday, March 02, 2023.”

The forthcoming meeting of the Monetary Policy Committee(MPC) has been preponed & now it will be held on March 02, 2023. pic.twitter.com/555JOhCFoe

The SBP’s chief spokesperson, Abid Qamar had earlier said following the meeting last month, no MPC(Monetary Policy Committee) meeting had been held to date.

Market experts are expecting a 200-basis-point increase in the central bank’s policy rate, which currently stands at 17 %.

Pak has already agreed to raise the interest rate in an off-cycle review by 2 per cent, as the cash-strapped country faces pressure to mend its finances to secure $1 bn from the IMF.

The Ministry of Finance authorities, according to reports, said the agreement was reached in Friday night (March 24)’s virtual talks with the officials of the global lender.

They said the South Asian country would reach the staff-level agreement(SLA) with the IMF after resolution of issues in the power sector. The policy rate would be jacked up by 200 basis point to take it to 19pc as it is currently stands at 17pc — the highest level in 25-years.

The cash-strapped country is undertaking key measures to secure IMF(International Monetary Fund) funding, including raising taxes, removing blanket subsidies, & artificial curbs on the exchange rate. While the government expects a deal with International Monetary Fund soon, media reports say that the agency expects the policy rate to be increased.