SBP monetary policy statement away from facts: PEW

ISLAMABAD: The Pakistan Economy Watch (PEW) on Tuesday said the recent monetary policy statement issued by the State Bank of Pakistan (SBP) was away from facts.

“The SBP should not act as mouthpiece of the government to mislead masses about so-called economic success,” PEW President Dr. Murtaza Mughal said in a statement.

He said the newly constituted independent monetary policy committee of the central bank had also failed to present factual picture of the economy.

The report praised increased income of the government and revenue measures ignoring that Pakistan topped list of countries with most petroleum and telecom taxes, he added.

Moreover, he claimed, the revenue measures had nothing to do with the government’s resolve to expand tax net as new taxes worth Rs 40 billion were slapped on the behest of International Monetary Fund (IMF).

Dr. Mughal said that the Bank also praised the government’s policy for increased credit offtake by private sector while trying to hide reasons behind falling exports. “The bank should have pointed towards weaknesses in the system and recommended ways and means to overcome it,” he added.

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