Monetary Policy Committee (Pakistan)
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- Jameel Ahmad, Governor of the State Bank of Pakistan (Chairman)
| مانیٹری پالیسی کمیٹی | |
| Committee overview | |
|---|---|
| Jurisdiction | Government of Pakistan |
| Headquarters | Karachi, Pakistan |
| Committee executive |
|
| Parent department | State Bank of Pakistan |
| Website | sbp.org.pk |
The Monetary Policy Committee (MPC) of Pakistan is the statutory decision-making body of the State Bank of Pakistan (SBP) responsible for formulating the country's monetary policy. It determines the policy (discount) rate, issues monetary policy statements, and sets the stance needed to achieve price stability and support sustainable economic growth.[1]
The MPC meets regularly to assess macroeconomic conditions, including inflation, growth, and external sector developments. In recent years, it has kept the key policy rate at 11 percent, citing persistent inflation risks, energy price pressures, and commodity price shocks.[2][3][4]
In September 2025, analysts expected the committee to extend its pause on rate changes, pointing to food inflation linked to floods and damage to farmland.[5]
The Monetary Policy Committee (MPC) was created through amendments to the State Bank of Pakistan Act, 1956, passed by the Parliament in November 2015. The bill was moved by Rana Muhammad Afzal Khan, Parliamentary Secretary for Finance, and approved by both the National Assembly and the Senate as part of efforts to align the SBP’s framework with international central banking practices.[6][7]
The amendments established the MPC as an independent decision-making body for monetary policy, transferring key functions from the SBP’s Executive Board and enhancing autonomy, transparency, and governance.[7]
The committee held its first meeting on 30 January 2016, marking its debut in setting monetary policy and deciding on issues such as interest rates, inflation, and liquidity management.[8][9]
Members
The Monetary Policy Committee comprises a mix of ex-officio officials from the State Bank of Pakistan (SBP), independent economists, and non-executive directors of the SBP Board. The Governor of the SBP chairs the committee, while external members are appointed by the federal government to provide independent perspectives in decision-making.[10][11]
| Name | Position | Type of member |
|---|---|---|
| Jameel Ahmad | Governor of the State Bank of Pakistan (Chairperson) | Ex-officio |
| Dr. Inayat Hussain | Executive Director, SBP | Internal / SBP Executive |
| Saleem Ullah | Deputy Governor – Finance, Inclusion & Innovation, SBP | Internal / SBP Executive |
| Muhammad Ali Malik | Executive Director, SBP | Internal / SBP Executive |
| Dr. Naved Hamid | External Member | External |
| Dr. Hanid Mukhtar | External Member | External |
| Dr. S.M. Turab Hussain | External Member | External |
| Najaf Yawar Khan | Non-Executive Director, SBP Board | Board Member |
| Muhammad Ali Latif | Non-Executive Director, SBP Board | Board Member |
| Fawad Anwar | Non-Executive Director, SBP Board | Board Member |
| Fayyaz ur Rehman | Secretary to the MPC | Administrative |
