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Betting the house on ‘transitory’
SBP has spent the better part of last three years painstakingly rebuilding the war chest. From less than $3 billion in liquid reserves at the depths of the 2023 crisis, the central bank now sits on roughly $21 billion, having reduced its forward book, extended external maturities, restored access to international capital and rebuilt enough liquidity to make another balance-of-payments accident look considerably less imminent. And having finally arrived at the table with chips to spare, the Monetary Policy Committee now appears willing to find out how long its luck can hold. Monday’s decision t...
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