‘SBP report — the fine print’

Business Recorder op-ed writer Syed Bakhtiyar Kazmi writes with conviction, in fact genuine conviction. In his last op-ed “SBP report – the fine print”. According to him, “the Report’s executive summary begins with GDP growth and while every attempt is made here and there to sound positive and optimistic, the professional commentary on facts, the fine print if you may, gives the plot away. Since GDP, and now perhaps debt, are already everybody’s favourite topics today and extensively discussed at every forum nowadays, notwithstanding that almost everyone does not even understand the term GDP, let’s defer debate on these economic indicators for ensuing weeks and today focus on the fine print; except as a trailer, some of the facts on GDP and debt, as published in the report are an eye opener.”

His is a highly informed perspective on the report owing to a variety of factors. In the Money Aggregates chapter of the report, the SBP adds to a quite interesting footnote to the head of “Other Deposits with SBP.” It says “Excluding IMF A/c Nos.1&2, SAF loan account, counterpart funds, deposits of foreign central banks, foreign governments, international organizations and deposit money banks. …”

Every student of economics and finance would like to urge SBP to also provide in its reports detailed explanations in relation to the above mentioned or similar information.

KARACHI SALEEM SHEIKH