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Clear and timely communication is an essential component of SBP’s policy framework, helping anchor expectations, building confidence among stakeholders, and supporting the effectiveness of monetary policy transmission.
To this end, SBP employs multiple communication tools to share its policy stance and the underlying rationale with the public. A brief Monetary Policy Statement (MPS) is issued following each meeting of the Monetary Policy Committee (MPC), explaining the decision taken, summarizing macroeconomic conditions, and outlining the key considerations behind the policy stance. In addition, a bi-annual Monetary Policy Report (MPR) issued after every July and January meetings provides a more detailed assessment of macroeconomic developments, outlook, and the factors influencing the MPC’s recent decisions. SBP also publishes minutes of MPC meetings to further strengthen transparency around the policy formulation process.
Beyond these publications, SBP engages actively with its stakeholders to explain the rationale behind monetary policy decisions. After July and January MPC meetings, Governor SBP holds a press conference presenting the monetary policy stance to the media. Following each MPC announcement, senior management of SBP conducts presentations at various forums, including those for market analysts, research institutions, academia, etc. SBP’s management may also occasionally provide interviews in print and electronic media to elaborate on key policy considerations.
To further enhance transparency and accountability, presentations and recordings of analyst briefings, as well as podcasts and webinars of central bank management and staff, will be available on our official communication channels to improve understanding of monetary policy deliberations and foster engagement with the broader community.
This section provides all past statements issued after each MPC meeting. The statements explain the decision taken at that meeting, summarize recent macroeconomic developments, and outline the Committee’s assessment of the economic outlook and policy stance.
This section hosts the published minutes of MPC meetings. The minutes provide a transparent record of the discussions, arguments and viewpoints considered by the Committee. By making the minutes available, SBP promotes greater understanding of the decision-making process, builds accountability, and strengthens the credibility of its policy framework.
In addition to the regular Monetary Policy Statements (MPS), SBP issues a Monetary Policy Report (MPR) on a biannual basis, within two weeks of every January and July MPC meeting. The Report outlines major economic developments, provides detailed analysis of the macroeconomic outlook, and explains key considerations driving the MPC’s decision.
In this section, you will find additional monetary policy related communication for analysts, academia, and the wider public. These include post-MPC analyst briefings, presentations, podcasts, webinars, and other outreach events. Such materials support SBP’s objective of enhancing its engagement with stakeholders, increasing clarity of its policy outlook, and broadening accessibility of monetary policy communications.
