Central bank’s statement disappointing
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.