CFY inflation would be higher than Govt. target

KARACHI: The inflation rate would drop down to half by June 2009, yet this rate for the current fiscal year (CFY) would remain higher than the government target.

State Bank Monetary Policy Division’s Director, Dr. Hamza Ali Malik told Geo News in its ‘Tezi Mandi’ program that the Central Bank’s estimations show that the inflation rate would drop down by half to 12 percent, but the inflation for the full fiscal year would average 20 percent.

Hamza Malik said that according to the first quarter 2008-2009 figures, financial costs work out to 5 percent of the gross production costs. He said that paucity of power, gas and law and order situation were the major snags in the industrial developments. He said that the cut in interest rate at this stage was not congenial for keeping the forex reserves at satisfactory levels as well as for keeping the value of rupee stabilized.

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