SBP Next Monetary Policy Meeting: 14 December 2026, Plus Every MPC Date to June 2027

The State Bank of Pakistan's next monetary policy meeting is on Monday 14 December 2026. The policy rate going into it is 12%, after the rise of 26 October. The decision and statement come out the same day, and the analyst briefing slides follow on 15 December.

We read the State Bank's advance calendar for FY27 on sbp.org.pk on 26 October 2026, the night of the last decision. It lists every meeting until June 2027, the day each set of minutes comes out, and which meetings have a press conference. All of it is in the tables below, with what to watch before December.

The next SBP rate decision is due on 14 December 2026

The Monetary Policy Committee (MPC) meets on Monday 14 December 2026 and announces the policy rate that day. The State Bank lists the analyst slides on 15 December and the meeting's minutes on 8 January 2027. There is no press conference listed for December.

The calendar carries one condition. If something unforeseen happens on a meeting date, the State Bank says it will give a new date. Treat 14 December as firm unless the State Bank announces a change on its website.

The 14 December meeting is the last of 2026. After it, the committee meets on 25 January 2027, the meeting that also comes with a press conference and a Monetary Policy Report in February.

Every MPC meeting from July 2026 to June 2027

The State Bank set eight meetings for FY27, roughly every six to seven weeks. Three are done: 27 July, 14 September and 26 October 2026. Five remain, from 14 December 2026 to 17 June 2027, and each statement is published on the meeting day.

The Monetary Policy Report comes out twice in the year, on 10 August 2026 and 8 February 2027. The State Bank says minutes are published in the fourth week after each meeting.

The policy rate is 12% going into the December meeting

On 26 October 2026 the committee raised the policy rate by 0.5 point to 12%, effective 27 October, by nine votes to one. The corridor is now 11% to 13%. It was the second rise of 2026, after 10.5% went to 11.5% in April.

The full story of that decision, and what it does to a loan or a savings account, is in our report on the SBP rate rise to 12%. Every earlier move since 2023 is in the SBP policy rate history.

Three numbers will shape the 14 December decision

The October statement points to what the committee is watching: inflation, oil prices tied to the Middle East war, and wheat prices. Inflation figures for October and November should be out before 14 December, and SBP's own reserves and KIBOR will move too.

1. Inflation. Headline inflation was 10.3% in September, above the committee's own forecast. Core inflation was about 8.4%. The target is 5 to 7%.
2. Energy prices. The statement says the war has kept global energy prices "persistently elevated". Fuel prices in Pakistan now move often, and they feed into transport and food costs.
3. Wheat. The committee named "domestic wheat supply frictions" as one of the two main reasons inflation is high.

The statement also lists the risks it will weigh: tension in the region, swings in world commodity prices, unexpected changes to energy tariffs, further rises in wheat and flour prices, and bad weather. We cannot tell you what it will decide. Nobody outside the committee can, and the October vote shows its members do not always agree.

Between meetings, the market's own guess shows up in KIBOR. On 26 October the 1-year KIBOR offer rate was 12.79%, above the policy rate. You can follow it on the KIBOR rate today page.

How to read the decision on 14 December

The decision appears first as a banner on sbp.org.pk, then as a two-page Monetary Policy Statement. The statement's first paragraph gives the new rate, the vote and the date it takes effect. The corridor change comes in a DMMD circular the same day.

If the rate moves, the minimum profit on an individual's rupee savings account follows from the first day of the next month, under the State Bank's rule that ties it to the corridor floor. A December change would therefore reach savings accounts on 1 January 2027. The savings minimum rule sets out the detail.

A KIBOR-linked loan changes only at its own reset date, which is in your loan papers. A fixed-rate loan does not change at all.

Common questions

When is the next SBP monetary policy meeting?

Monday 14 December 2026, according to the State Bank's FY27 calendar.

What time is the SBP decision announced?

The calendar gives the date, not the time. The statement is published on sbp.org.pk on the meeting day.

Is there a press conference after the December meeting?

No. The calendar lists press conferences only after the July, October, January and April meetings.

When will the October meeting minutes come out?

On 20 November 2026. They should show what the one member who did not back the rise wanted.

How many MPC meetings are left in FY27?

Five: 14 December 2026, and 25 January, 8 March, 26 April and 17 June 2027.

What is the SBP policy rate today?

12%, in effect from 27 October 2026, with a floor of 11% and a ceiling of 13%.

How we verified this

What we checked, where we read it, and what we could not confirm.

We read the State Bank's monetary policy page with its FY27 calendar, and the Monetary Policy Statement of 26 October 2026, on 26 October 2026. The State Bank can change a meeting date if something unforeseen happens, so check its website the week before.