Pakistani industrialists irked by SBP’s stubbornness over policy rate

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A stock broker, wearing a face mask amid the COVID-19 coronavirus pandemic, makes a phone call at the Pakistan Stock Exchange in Karachi, Pakistan, March 16, 2020. AFP/Asif Hassan/Files “Was this a populist move? Was it under the federal government’s pressure? Was the MPC convinced they had made a blunder? I’m confused,” says Majyd Aziz Balagamwala, a Karachi-born business tycoon, of the State Bank of Pakistan’s (SBP) second policy rate cut in less than 10 days.

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