In the midst of Saturday afternoon, 24th January, 2015, as the first monetary policy of the year was scheduled to be announced, the professionals from the financial industry and business community glued themselves to their television screens. It seemed like Mr Ashraf Wathra (Governor State Bank) was in no hurry to finish the board meeting that was called to decide the policy stance for the next two months of Pakistan. Suddenly, appears on the box, Mr Ishaq Dar (Finance Minister) who pops the bubble in a flash, asserting the fate of the financial market, telling in a press conference that the discount rate has been slashed by 100bps (1 per cent). This news came as a surprise for some and not-so-surprising for the rest but what entices me the most is the announcement coming hours before State Bank of Pakistan’s official monetary policy announcement.
This episode once again reflects the unassailable mindset of the noon-league. In my perspective, this announcement contains much more than the “good news” in itself for us to comprehend. Nawaz Sharif’s regime has been condemned back-to-back for establishing a facade of family politics by the opposition parties and the critics. Sixteen members from within the family sit atop at key political positions while six others stand patiently in the queue awaiting their turn. This naked truth itself echoes the leverage existing political party in power takes over the rest. The announcement coming from Mr Dar underpinning the value of Ashraf Wathra was no different.
However, one cannot deny the fact that the current oil crisis in Punjab has brought serious consequences on the reputation of the government once again. Hence, it is very much possible that Mr Dar was desperate to take the lead to announce the discount rate stance as a stunt to regain popularity among the upset masses. But here, what Mr Dar in excitement failed to realise, was that he is committing a serious crime by number one leaking insider information before time and second asserting power over the legitimacy of the Governor SBP. Had this been any country, especially in the west, I am in no doubt Mr Dar would have had to resign over such folly.
The problem here is that we have locked ourselves in shambles of such authoritative minds and surrendered to the muscle of local thugs. Monday morning will hence be no short of a stock market boom, surrounded by positive vibes, celebrations within the business community and political heavyweights claiming the prize of a DR cut of such credence.
HASSAN ASLAM
Karachi
Bigotted article. He has done the BEST thing for Pakistan by NOT bailing the Petroleum Ministry. That is what PPP kept doing and guess what? They added Rs. 500 billion a year thanks to it. Ishaq Dar has REFUSED to bail out the discos, Pepco, etc. to FORCE them to recover bills and this stern stance has reduced circular debt accumulation by 50% to Rs. 250 billion a year. He has helped the Pakistani tax payers save Rs. 250 billion/year. Secondly the news were still from the SBP and he said he couldn't contain the news. He released insider information. Having or releasing it is not illegal, it is BUYING things based on insider information that is illegal.
I urge the Pakistani public to support Ishaq Dar in his was against Discos.
Ishak Dar ego overcame his sense of responsibility and he could not restrain to announce the 100 point cut to reassert his authority and boost his image. That is how shallow a man he us. This s a guy who emulates to be a devotee of Hazrat Data Saheb, yet is owner of two multi storeyed buildings constructed from money laundered and definitely black called them HDS Business Center and HDS Tower in Dubai. You want to find out the genetic fault lines in a man, give him power that he does not deserve and he will expose himself.
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