In a significant step toward improving policy communication and economic transparency, the State Bank of Pakistan (SBP) has announced that it will begin publishing a Monetary Policy Report (MPR) twice a year. This strategic shift is intended to provide stakeholders with a comprehensive assessment of the central bank’s policy decisions and their impact on macroeconomic indicators.
According to a statement issued by the central bank, the MPR will be released within two weeks following the Monetary Policy Committee (MPC) meetings scheduled for July and January each fiscal year. These reports will offer updated projections on critical economic metrics such as inflation, growth, and external balances, thereby supplementing SBP’s existing communication mechanisms with more structured and data-driven insights.
The biannual MPR initiative aligns with SBP’s long-term strategic roadmap under its “Vision 2028,” which emphasizes transparency, stakeholder engagement, and a gradual transition toward a formal inflation targeting regime. By institutionalizing this reporting mechanism, the SBP aims to support more predictable monetary policy and foster informed decision-making across the financial sector.
“These efforts are aimed at improving the effectiveness of monetary policy transmission by anchoring inflation expectations,” the central bank noted in its announcement. Clear and forward-looking communication, it added, is an essential element of the move toward inflation targeting, a framework that focuses on managing public expectations to keep inflation within desired bounds.
In a related development, the SBP also released the advance schedule for MPC meetings for the fiscal year 2025–26, marking another step toward greater policy predictability and financial planning. The central bank will hold eight policy meetings in FY26 on the following dates: July 30, September 15, October 27, December 15, January 26 (2026), March 9, April 7, and June 15.
The publication of an annual MPC calendar is intended to assist financial institutions, businesses, and market participants in aligning their strategies with the central bank’s policy cycles. It also contributes to SBP’s commitment to institutional transparency and builds trust among investors and the broader public.
SBP stated that the schedule may be subject to change in case of significant economic developments, but any revisions will be communicated promptly through official channels to ensure clarity and continuity.
This structured approach to monetary policy planning and communication reflects a broader global trend among central banks, where transparency and expectation management are viewed as core tools of modern policy effectiveness. By aligning with international best practices, the SBP is positioning itself to navigate future macroeconomic challenges more effectively and build greater resilience in the country’s monetary framework.
As Pakistan continues to address inflation volatility and external economic pressures, the introduction of a biannual Monetary Policy Report stands as a meaningful reform, enhancing the central bank’s credibility and reinforcing its role as a steward of monetary stability in the evolving financial ecosystem.