ISLAMABAD: September 11, 2024: After shuddering the national economy, the State Bank of Pakistan (SBP) is finally under pressure from real decision- makers to cut down the policy rate substantially in its meeting scheduled for September 12, 2024. SBP has announced to take a decision on the policy rate in its meeting on Thursday and , as per its handout, it will issue the monetary policy statement through a press release on the same day.
The Key decision-makers in Pakistan have reached to the conclusion after damaged done by SBP in last three and half years that the policy rate as high as 22 % is real cause of halting of the national economy . NEWSMAN sources said in the recent past the real decision -makers had summoned the presidents of all commerical banks operating in Pakistan and sought explanation from them over their unbelievable profit in the recent years. The summoning authority had refused to accept the explanations of the banks top managements and issued them warning of having business and not plundering the national resources through high interest rate.
SBP’s policy of keeping the policy rate at 22 percent for around three and half years has caused huge loss to the national economy. High policy rate only benefitted the banking mafia of Pakistan. For years, the government is only client for the banks as none of other sector could borrow financing from the banks when they were charging around 27 percent interest rate. High interest rate resulted in halting of all kinds of business and industrial activities in Pakistan.