The State Bank of Pakistan (SBP) on Tuesday released the advance calendar of Monetary Policy Committee (MPC) meetings for the full fiscal year 2025-26 (FY26), while also announcing that it will begin publishing biannual Monetary Policy Reports (MPRs) in line with its Vision 2028 strategic plan.
According to the central bank, the MPRs will be issued within two weeks of the July and January MPC meetings, providing updates on projections for key macroeconomic indicators.
The initiative aims to strengthen monetary policy communication, anchor inflation expectations, and support the SBP’s transition to an inflation-targeting regime.
In a bid to enhance institutional transparency and provide greater predictability in monetary policy planning, the SBP said the MPC meeting calendar has now been expanded to cover the entire fiscal year.
The scheduled dates for 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 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 MPC is responsible and fully empowered to decide the monetary policy stance.
Section 9E of the SBP Act 1956 outlines the powers and functions of the Monetary Policy Committee, which are primarily tasked with formulating monetary policy, including, as appropriate, decisions relating to intermediate monetary objectives, key interest rates, and the supply of reserves in Pakistan.
The Committee may also make regulations for their implementation. Moreover, the MPC also approves and issues the monetary policy statement and other monetary policy measures.
It also performs any other functions conferred on it by law and carries out any ancillary activities incidental to the exercise of its functions under this Act.
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