At present, barring any sudden shock, the Monetary Policy Committee (MPC) of SBP is of the view, as stated in the last monetary policy statement, that the adjustment related to interest rate and the exchange rate from previously accumulated imbalances has already taken place.
The recent monetary policy statement has explicitly stated that the MPC decision has inbuilt the impact of following 3 important developments:  First, the outlook for external financing has further strengthened with the disbursement of the first tranche associated with the IMF Extended Fund Facility, activation of the Saudi oil facility, and other commitments of support from multilateral and bilateral partners;  Second, the Government of Pakistan has passed FY20 budget that seeks to improve fiscal sustainability by focusing on revenue measures to widen the tax base.