Thursday, January 26, 2023
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SBP claims to solely provide projections: Inflation

KARACHI: The State Bank of Pakistan (SBP) stated on Monday that it just provides inflation projections and does not set an inflation objective. According to the SBP, the SBP’s average inflation projection of 7-9 percent in FY22 is being construed as a “inflation objective” in some sectors of the media, and is being compared to the inflation targets of other nations. This isn’t true.

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The SBP’s inflation forecast represents our projections for the current fiscal year. On the other hand, Pakistan’s inflation target is set by the government, which is 5 to 7 percent right now.

This target is to be achieved over the medium term. The monetary policy is anchored on achieving the government’s inflation target over the medium term, ie, over the next 18-24 months.



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