Islamabad : For around four years , a nexus of banks operating in Pakistan and central bank plundered national money and pushed this country into a debt trap just by jacking up the policy rate as high as 22 %.
The central bank , which is run by a leading banker , always plays a dirty game to help the banking sector make money. But during 2020 to 2024 ( The rule of Imran Khan , caretakers and partially of Shahbaz Sharif) played a very dangerous game . The nexus managed to jack up the policy rate at 22 % to help the banking sector make money as much as it wanted for years.
NEWSMAN investigations suggested that the loathing game of making money in trillions by the banking mafia put Pakistan’s business activities to a grinding halt , besides adding trillions into Pakistan ‘s domestic loans as business community whose priority is to make always go to next level of plundering in the name of the policy rate.
The profits shown by the banks in their balance sheets between 2020 to 2024 is an indication of plundering spree during this period.
This dirty circle aimed at damaging Pakistan financially might have continued had some powerful circles not intervened into the issue. NEWSMAN can report with full that the chiefs the banking mafia were summoned and made to explain their illogical profits between 2020 and 2024 and finally issued warning of strict action if they continue to damage Pakistan through historically higher policy rate. Meanwhile , the central bank of Pakistan was also asked to explain what was its target of unprecedented policy rate . SBP should have cut down the policy rate between 5 to 7 %. Since SBP has announced a meeting of the policy committee for June 16, there is a possibility that the policy rate will further be sliced by minimum 100 basis points.
This bashing resulted in phasing out of the killing policy rate. Although SBP is cutting the policy rate to bring it to a single digit but its pace is still extremely slow. By this time when Finance minister , Mohammad Aurangzeb, is taking credit of rationalising the policy rate
The Monetary Policy Committee (MPC) of SBP will meet on Monday, June 16, 2025 to decide about the Monetary Policy. Later on, SBP will issue the Monetary Policy Statement through a press release on the
same day.
