Pakistan’s inflation rate not the highest in the world: SBP
- "While Pakistan did have a relatively elevated inflation rate so far in FY20, it is not true that it was the highest in the world," says SBP.
The State Bank of Pakistan (SBP) has rejected reports suggesting that the rate of inflation in Pakistan ‘was the highest in the world’ in 2020.
In a series of tweets the central bank of the country stated: “A chart from our Inflation Monitor has generated erroneous headlines. It compares Pakistan’s inflation to a few developed and developing countries. While Pakistan did have a relatively elevated inflation rate so far in FY20, it is not true that it was the highest in the world.”
“For instance, Argentina, Iran, Nigeria and Turkey’s inflation has been higher. Since January, inflation in Pakistan has fallen sharply and much faster than in most other emerging markets,” the SBP added.
The clarification comes after the State Bank in its Inflation Monitor for the month of April stated: “In global context, Pakistan witnessed highest inflation not only in comparison with developed economies but also with emerging economies.”
Beware of fraudsters
The SBP also urged the public to be beware of fraudsters after it has come to the knowledge of central bank that unscrupulous elements are making phone calls to individuals, impersonating as officials of SBP or other agencies, seeking personal information regarding their deposit accounts on the pretext that SBP is collecting information from banking customers in light of emergency declared in the country due to Covid-19.
In some instances, the fraudsters also claim that the information is required to ensure smooth functioning of their accounts in case ATM services become unavailable.
SBP said that it never seeks details of account holders of any bank and all such calls made on its behalf are a hoax and with fraudulent intentions. "Public is advised not to respond to any such calls and provide any information," warned SBP.
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