Islamabad : Jan 24: Will the State Bank of Pakistan (SBP) keep going with its novel strategy of ruining Pakistan through its unbearable level of policy rate or it will shun a Internal Monetary Fund (IMF) dictated formula to keep the policy rate at an unbearable level of the policy till it crushes Pakistan ‘s economy beyond repair? . The Pakistani nation will get its answer on January 29 when SBP’s monetary policy committee (PMC) meets to review the current level of the policy rate.
According to a SBP announcement , the Monetary Policy Committee (MPC) of State Bank of Pakistan (SBP) will meet on Monday, January29, 2024 to decide about Monetary Policy. Governor SBP, Mr. Jameel Ahmad will announce theMonetary Policy decision at a press conference on the same day after the MPC meeting. Pakistan ‘s current policy rate is a recipe of its economic destruction. Its only beneficiary is the banking mafia of Pakistan.
Since any formula which can add to bleeding of Pakistan’s economy suits to IMF the best , the fund is pressing Islamabad to maintain the policy rate at the current level of 22% . Of course , no business can run on borrowing of the banks when the policy rate is as high as 22 % and it is what IMF intends to make sure from SBP which was granting autonomy by Imran government. Pakistan’s business community is pleasing for massive cut in the policy of SBP , but its calls are going unheard off. Let us see how long SBP can go with its killing policy rates of 22 % to damage Pakistan.