(Business Recorder)

KARACHI: State Bank of Pakistan will announce its bi-monthly monetary policy here on Monday after detailed meeting of its monetary policy committee who will decide about new policy with discount (interest) rate as its main feature. At present, the policy rate is 7 percent.

SBP Governor Dr Reza Baqir will unveil the policy statement at a press conference at SBP Main Building, said SBP alert to media.

For managing the critical economic situation in the country created after outbreak of COVID-19 pandemic, from February 2020, the Central Bank reduced its policy rate five times to 7 % from 13.25 percent. This helped industries and businesses to restart its activities.

The policy rate is the primary instrument of monetary policy statement.

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