SBP clarification

KARACHI: The State Bank of Pakistan (SBP) has clarified a news report published in The News on Wednesday (Dec. 4) under headline “Inflation, high taxes crippled masses.” In a statement, the SBP said that while quoting SBP governor, the report says: “Governor State Bank of Pakistan (SBP) Reza Baqir on Tuesday admitted that higher inflation and taxes had crippled the masses and emphasized that steps should be taken to ensure that positive fallout of economic stability reached them.”

In the entire press release, State Bank Governor has not made such statement. Instead, while referring to the middle and lower income classes, he stated: “These sections of the society have borne the bulk of the burden of adjustments from higher income taxes deducted at source for salaried workers, higher indirect taxes, and higher inflation.”

The SBP statement termed the reported part of the story “factually incorrect and misleading.”