Cognizant of the building up of inflationary pressures, SBP has been pursuing a tight monetary policy stance since early 2018. However, the impact of this tightening is going to reflect in the headline inflation with a certain lag. Page 2 of 10  4.
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.