Cen­tral bank’s state­ment dis­ap­point­ing

The Pak Banker - - NATIONAL -

The Pak­istan Econ­omy Watch (PEW) on Tues­day said the cen­tral bank's re­cent mon­e­tary pol­icy state­ment is away from the facts which has dam­aged the cred­i­bil­ity of the in­sti­tu­tion.

The SBP should not act as mouth­piece of the govern­ment to mis­lead masses about so called eco­nomic suc­cess of the govern­ment, said Dr. Mur­taza Mughal, Pres­i­dent PEW. In a state­ment is­sued here Tues­day. He said that newly con­sti­tuted in­de­pen­dent mon­e­tary pol­icy com­mit­tee of the cen­tral bank has also failed to present fac­tual pic­ture of the econ­omy. The re­port praised in­creased in­come of the govern­ment and rev­enue mea­sures ig­nor­ing that Pak­istan tops list of coun­tries with most pe­tro­leum and tele­com taxes, he added. More­over, he said, the state­ment also rev­enue mea­sures have noth­ing to do with the govern­ment's re­solve to ex­pand tax net as new taxes worth Rs 40b were slapped on the be­hest of IMF. Dr. Mur­taza Mughal said that the Bank also praised govt's pol­icy for in­creased credit off­take by pri­vate sec­tor while try­ing to hide rea­sons be­hind fall­ing ex­ports.

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