Dr Shamshad Akhtar’s joke

Dr Shamshad Akhtar,, Governor of State Bank of Pakistan is living in a fool’s paradise. She thinks that the Central Bank has been addressing monetary policy issues of Pakistan rather efficiently and working round the clock.

If working round the clock means screwing up the economy further, they have done a great job. The Rupee has gone down the drain as compared to the dollar and there is no stopping it. Today’s press conference by her showed her displaying Bravado as though she had found the solution to all ills plaguing our economy. Wake up Dr `Akhtar… these stop gap solutions of Cash Reserve ratio reduction are just a bitter joke… rupee bleeding may stop for a week but then again its all gonna be downhill… where are the drastic solutions???… where are the export promotion steps and import control methods?? how will the balance of payment be controlled???… why are we not reverting to a fixed exchange rate regime???… and last but not the least, where is the control on inflation that was supposed to happen due to interest rate increase???

The state bank’s Governor has failed in her role and maybe someone should show her a mirror and give her a reality check…. one can only hope that rationality shall reign and we shall see concrete steps to stop the perpetual decline of the economy into this abyss of despair, gloom and above all devaluation!