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Monetary policy: the Faustian bargain
Pakistan’s central bank has made external stability the organising principle of monetary policy. But with the rupee appreciating in real terms, reserves barely covering three months of imports, and another energy shock unfolding, the institution that rescued the economy from crisis risks becoming captive to the political economy that created it. The SBP has raised the policy rate by another 50 basis points to 12 percent. Inflation is running above expectations, the Middle East war shows little sign of ending, and global central banks are tightening. Yet Pakistan’s external account remains broa...
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