The State Bank of Pakistan (SBP) would announce its monetary policy for the next couple of months on the July 30, 2011. According to SBP spokesman the regulator would be unveiling the discount rate to be applicable for the months of August and September on the 30th of this month.
“The acting governor (Yaseen Anwar) would declare the discount rate for next two months in a press conference at the (SBP’s) head office on July 30,” Syed Wasimuddin, chief spokesman of the central bank told Pakistan Today Wednesday. Anwar, the deputy governor for the central bank, took the helm of SBP as acting governor on Tuesday, after his predecessor, Shahid H. Kardar, tendered his resignation last week after, reportedly, developing differences with the country’s economic managers on issues related to fiscal management.
The State Bank announces six monetary policies in a year, which means that the discount rate is reset and declared after every two months.
Wasim said the SBP, as decided by its Board of Directors, announces the rates of bank credit for the months of January-February and August-September through press conferences while the policies for the rest of the months are announced through issuing press statements.
“This time we would be holding a press conference,” the spokesperson explained to Pakistan Today. In the last monetary policy review in May, the SBP had maintained its key policy rate at 14 per cent.
