Apropos a news item "SBP policies set to push 50pc population below poverty line", carried by Business Recorder on July 9, the State Bank of Pakistan has clarified that the recent monetary policy measures announced by the State Bank were designed to maintain monetary stability in the country while ensuring sustainable economic growth.
"It is the responsibility of the State Bank to formulate and conduct monetary policy in a manner consistent with the government's targets for growth and inflation. Given the current situation, whereby the country is facing severe adverse domestic and external shocks, an increase in key policy rate was necessary to combat inflationary pressures by reducing excessive demand pressures evident in record high and unsustainable fiscal and external deficits inflicting the economy.
"The apprehensions of the Vice-president, Qaumi Tajir Ittehad Pakistan (QTIP) and former senior vice-president, ICCI, Malik Sohail Hussain as reported in your newspaper were uncalled for. Before drawing hasty conclusions it is necessary to have better understanding of the dynamics of the economy," the clarification concluded.
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