State Bank of Pakistan Bluff
State Bank of Pakistan Bluff
IT didn’t work, or so it seems anyway. Last week, the State Bank took the unusual step of issuing what it called “forward guidance” on where interest rates might go in the future, and told the markets that it “expects monetary policy settings to remain unchanged in the near term” barring “unforeseen developments”. The message seemed to have the banks as its primary audience, since they have been…
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