The State Bank of Pakistan (SBP) on Monday said that in some sections of the media, SBP’s average inflation forecast of 7-9% in FY22 is being interpreted as the “inflation target” and being compared to the inflation targets of other countries, reported 24NewsHD TV channel. 

https://twitter.com/StateBank_Pak/status/1462667624018497536 

“This is incorrect,” the SBP statement reads.

The State Bank in a statement said: “SBP’s inflation forecast represents our projections for the current fiscal year. On the other hand, Pakistan’s inflation target is set by the government and is 5–7 %. This target is to be achieved over the medium term.”

“Monetary policy is anchored on achieving the government’s inflation target over the medium term, i.e. over the next 18-24 months,” the statement added.