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Holding policy rate: the right decision
EDITORIAL: The Monetary Policy Committee kept the policy rate unchanged at 11.5 percent which must be supported. Any increase in the rate would have made borrowing costs for the government (the single largest borrower) as well as the private sector prohibitively expensive that, in turn, would have impacted negatively on the growth rate. And a decline would have been opposed by the International Monetary Fund (IMF), which on 20 May at the conclusion of the third quarterly review mission argued that the “State Bank of Pakistan (SBP) reiterated its commitment to maintaining an appropriately tight...
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