The State Bank of Pakistan (SBP) has released the advance calendar for the Monetary Policy Committee (MPC) meetings for the fiscal year 2025-26 (FY26). Along with this, the SBP also announced its plan to begin publishing biannual Monetary Policy Reports (MPRs) in line with its Vision 2028 strategic plan.
The MPRs will be issued within two weeks of the MPC meetings in July and January, providing updates on projections for key macroeconomic indicators. This initiative is part of the SBP’s efforts to strengthen monetary policy communication, manage inflation expectations, and support the transition to an inflation-targeting regime.
In addition to the MPRs, the SBP has expanded the MPC meeting calendar to cover the entire fiscal year, offering greater transparency and predictability in monetary policy planning. The scheduled dates for the MPC meetings in FY26 are as follows:
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Wednesday, July 30, 2025
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Monday, September 15, 2025
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Monday, October 27, 2025
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Monday, December 15, 2025
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Monday, January 26, 2026
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Monday, March 9, 2026
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Monday, April 27, 2026
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Monday, June 15, 2026
The SBP added that any changes to these dates due to unforeseen circumstances would be communicated in due course. The next advance calendar will be issued in July 2026.
What does the MPC do?
The Monetary Policy Committee (MPC) is a key body within the State Bank of Pakistan (SBP) responsible for formulating and setting the monetary policy to achieve economic objectives, primarily inflation control and economic stability. The committee reviews economic conditions, considers factors such as inflation trends, exchange rates, and fiscal policies, and adjusts the policy interest rate to guide the country’s economic direction. The MPC plays a crucial role in managing monetary stability by ensuring that inflation stays within targeted levels while promoting sustainable economic growth.
