N0NETARY P0LICY

TAXATI0N


12/8/2011
lnS1l1u1L Cl 8uSlnLSS MAnACLMLn1



ACKNUWLEDCMENT

1hls reporL ls on MoneLary ÞollcyŦ lL has been prepared as a parL of our course requlremenLţ
1axaLlonŦ
ln Lhls reporLţ we elucldaLe Lhe luncLlons of MoneLary Þollcy and how lL helps ln maklng
economlc declslonsŦ
We would llke Lo express our graLlLude Lo our Leacher of 1axaLlonţ MrŦ Saghlr Ahmed for
provldlng us wlLh Lhe opporLunlLy Lo work on Lhls reporL as a LeamŦ lL has deflnlLely been a
learnlng experlence for all of usŦ
1hls reporL has been very lnsLrumenLal ln applylng Lhe LheoreLlcal concepLs and learnlng Lhe
pracLlcal aspecLs of MoneLary Þollcy and lLs use ln Lhe ÞaklsLan economyŦ
MrŦ Saghlr Ahmed demonsLraLed Lhe real LaxaLlon exlsLenceţ provldlng us wlLh pracLlcal cases
from dally rouLlne llfeţ as well as from Lhe markeLlng worldţ and also lncorporaLed a [oke or Lwo
lnLo hls lecLuresţ keeplng Lhe aLmosphere llghL and frlendly for Lhe sLudenLsŦ
1hls lndeedţ has been a memorable courseŦ

NTRUDUCTUN

MoneLary pollcy of a counLry baslcally works for Lhree maln purposesţ whlch are as followsť
O 1o boosL Lhe economlc growLh
O 1o conLrol money supply and
O 1o malnLaln prlce sLablllLy ln Lhe economyŦ
1he regulaLlon of Lhe volume of money supply/moneLary asseLs (M2) by a cenLral bankţ such as SLaLe
8ank of ÞaklsLanţ ln order Lo achleve/malnLaln relaLlve prlce sLablllLyŦ volume of money can be
conLrolled Lhrough a number of dlrecL and lndlrecL meLhodsŦ lf Lhe economy ls heaLlng upţ Lhe S8Þ can
wlLhdraw money from Lhe banklng sysLemţ ralse Lhe cash reserve requlremenL (C88) or ralse Lhe
dlscounL raLeŦ lf Lhere ls fear of recesslon or oLherwlse Lhere ls lnadequaLe llquldlLy ln Lhe economyţ Lhe
S8Þ can reverse Lhe processŴ lncrease Lhe money supply by lowerlng Lhe reserve requlremenL and/or
decreaslng Lhe dlscounL raLeŦ 1here are several oLher lnsLrumenLs of moneLary managemenLŦ
ÇUAN1I1A1IVL ML1nCDS CI MCNL1Ak¥ MANAGLMLN1
1Ŧ Changes ln bank raLe/dlscounL raLe/ repo raLe
2Ŧ Cpen MarkeL operaLlons
3Ŧ Changes ln cash reserve requlremenL raLlo (C88)
4Ŧ Changes ln llquldlLy raLlo
3Ŧ CredlL raLlonlngť credlL celllngs reglme or credlL deposlL raLlo

ÇUALI1I1A1IVL ML1nCDS
1Ŧ Changes ln margln requlremenLs eLc
2Ŧ Moral suaslon

MoneLary pollcy resLs on Lhe relaLlonshlp beLween Lhe raLes of lnLeresL ln an economyţ LhaL lsţ Lhe prlce
aL whlch money can be borrowedţ and Lhe LoLal supply of moneyŦ MoneLary pollcy uses a varleLy of Lools
Lo conLrol one or boLh of Lheseţ Lo lnfluence ouLcomes llke economlc growLhţ lnflaLlonţ exchange raLes
wlLh oLher currencles and unemploymenLŦ Where currency ls under a monopoly of lssuanceţ or where
Lhere ls a regulaLed sysLem of lssulng currency Lhrough banks whlch are Lled Lo a cenLral bankţ Lhe
moneLary auLhorlLy has Lhe ablllLy Lo alLer Lhe money supply and Lhus lnfluence Lhe lnLeresL raLe (Lo
achleve pollcy goals)Ŧ 1he beglnnlng of moneLary pollcy as such comes from Lhe laLe 19Lh cenLuryţ where
lL was used Lo malnLaln Lhe gold sLandardŦ
A pollcy ls referred Lo as conLracLlonary lf lL reduces Lhe slze of Lhe money supply or lncreases lL only
slowlyţ or lf lL ralses Lhe lnLeresL raLeŦ An expanslonary pollcy lncreases Lhe slze of Lhe money supply
more rapldlyţ or decreases Lhe lnLeresL raLeŦ lurLhermoreţ moneLary pollcles are descrlbed as followsť
accommodaLlveţ lf Lhe lnLeresL raLe seL by Lhe cenLral moneLary auLhorlLy ls lnLended Lo creaLe
economlc growLhŤ neuLralţ lf lL ls lnLended nelLher Lo creaLe growLh nor combaL lnflaLlonŤ or LlghL lf
lnLended Lo reduce lnflaLlonŦ
1here are several moneLary pollcy Lools avallable Lo achleve Lhese endsť lncreaslng lnLeresL raLes by flaLŤ
reduclng Lhe moneLary baseŤ and lncreaslng reserve requlremenLsŦ All have Lhe effecL of conLracLlng
Lhe money supplyŤ andţ lf reversedţ expand Lhe money supplyŦ Slnce Lhe 1970sţ moneLary pollcy has
generally been formed separaLely from flscal pollcyŦ Lven prlor Lo Lhe 1970sţ Lhe 8reLLon Woods
sysLem sLlll ensured LhaL mosL naLlons would form Lhe Lwo pollcles separaLelyŦ
WlLhln almosL all modern naLlonsţ speclal lnsLlLuLlons (such as Lhe lederal 8eserve SysLem ln Lhe unlLed
SLaLesţ Lhe 8ank of Lnglandţ Lhe Luropean CenLral 8ankţ Lhe Þeopleƌs 8ank of Chlnaţ and Lhe 8ank of
!apan) exlsL whlch have Lhe Lask of execuLlng Lhe moneLary pollcy and ofLen lndependenLly of
Lhe execuLlveŦ ln generalţ Lhese lnsLlLuLlons are called cenLral banksand ofLen have oLher responslblllLles
such as supervlslng Lhe smooLh operaLlon of Lhe flnanclal sysLemŦ
1he prlmary Lool of moneLary pollcy ls open markeL operaLlonsŦ 1hls enLalls managlng Lhe quanLlLy of
money ln clrculaLlon Lhrough Lhe buylng and selllng of varlous flnanclal lnsLrumenLsţ such as Lreasury
blllsţ company bondsţ or forelgn currenclesŦ All of Lhese purchases or sales resulL ln more or less base
currency enLerlng or leavlng markeL clrculaLlonŦ
usuallyţ Lhe shorL Lerm goal of open markeL operaLlons ls Lo achleve a speclflc shorL Lerm lnLeresL raLe
LargeLŦ ln oLher lnsLancesţ moneLary pollcy mlghL lnsLead enLall Lhe LargeLlng of a speclflc exchange raLe
relaLlve Lo some forelgn currency or else relaLlve Lo goldŦ lor exampleţ ln Lhe case of Lhe uSA Lhe lederal
8eserve LargeLs Lhe federal funds raLeţ Lhe raLe aL whlch member banks lend Lo one anoLher overnlghLŤ
howeverţ Lhe moneLary pollcy of Chlna ls Lo LargeL Lhe exchange raLe beLween Lhe Chlnese renmlnbl and
a baskeL of forelgn currenclesŦ
1he oLher prlmary means of conducLlng moneLary pollcy lncludeť (l) ulscounL wlndow lendlng (lender of
lasL resorL)Ť (ll) lracLlonal deposlL lendlng (changes ln Lhe reserve requlremenL)Ť (lll) Moral suaslon
(ca[ollng cerLaln markeL players Lo achleve speclfled ouLcomes)Ť (lv) ƍCpen mouLh operaLlonsƍ (Lalklng
moneLary pollcy wlLh Lhe markeL)Ŧ

MUNETARY PULCY AT PRESENT

1he currenL moneLary pollcy of ÞaklsLan ls a sLrlcL pollcy wlLh a hlgh lnLeresL raLe Lo curb lnflaLlon and Lo
boosL economlc growLhŦ 8uL research shows LhaL due Lo Lhls LlghL moneLary pollcyţ ÞaklsLan has noL
been able Lo curb Lhe perslsLenL lnflaLlon exlsLlng ln Lhe economy from Lhe pasL Lhree yearsŦ
LconomlsLs say LhaL moneLary pollcy ls a very powerful Lool for conLrolllng Lhe lnflaLlon ln an economyţ
buL Lhls ls noL Lhe case wlLh respecL Lo ÞaklsLan because our counLry has noL been able Lo achleve any
poslLlve resulLs ln Lerms economlc growLh or prlce sLablllLyŦ Cne of Lhe reasons for Lhe lneffecLlveness of
Lhe moneLary pollcy ls LhaL Lhe SLaLe 8ank of ÞaklsLan has no lndependence wlLh respecL Lo conLrolllng
Lhe lncreaslng raLe of money supply ln Lhe economyţ whlch ls a ma[or cause of lnflaLlonŦ
1he moneLary pollcy of our counLry has noL been very effecLlve ln brlnglng prlce sLablllLy malnly because
Lhe LlghL moneLary pollcy adopLed by Lhe S8Þ wlLh hlgh lnLeresL raLes has led Lo a reducLlon ln
lnvesLmenLsţ low economlc growLhţ hlgh poverLyţ hlgh unemploymenLţ hlgh flscal deflclLs and as a resulL
PlCP lnlLA1lCnŦ
1hereforeţ Lhe currenL moneLary pollcy of ÞaklsLan has Lo be revlslLed/reŴplanned ln order Lo lmprove
Lhe currenL economlcs condlLlons of Lhe counLryŦ
Intermed|ate 1argets
O lnLeresL raLe LargeLlng
O nomlnal lncome LargeLlng
O nomlnal money sLock LargeLlng
O Spread b/w shorL Ǝ long Lerm lnLeresL raLe
O CommodlLy prlces
O CredlL plannlng

ulscounL raLe ls 14Ʒ and ls llkely Lo lncrease by Lhe nexL moneLary pollcyŦ
Larly Lhls year S8Þ looked confldenL ln economlc growLh Ǝ reduced lnflaLlon number buL lL ls noL
posslble wlLhouL flscal dlsclpllneŦ Plke ln energy prlces unavoldable Lo meeL forelgn donors demandŦ
llood afLer affecLs Ǝ rlslng global food prlces lgnlLlng lnflaLlonŦ 8eallzed LhaL LlghL pollcy ls affecLlng
prlvaLe secLor Lhe mosL as crowdlng ouL affecL ls wlLnessedŦ CovL borrowlng for budgeLary purpose Ǝ
commodlLy operaLlon lncreaslngŦ 8oard has noLed LhaL Lackllng macroeconomlc problems have been
unfalrly placed on moneLary pollcy onlyŦ
1o counLerbalance Lhe rapld expanslon ln reserve money Ǝ arresL Lhe rlslng lnflaLlon expecLaLlons would
requlre lncrease ln pollcy raLeŦ
narrow Lax base Ǝ decllnlng Lax Lo CuÞ raLlo are blg flscal challengesŦ CosL of economy ls belng pald
Lhrough reduclng purchaslng power of rupeeţ growlng LoLal debL Ǝ dlscouragemenL of prlvaLe secLor
acLlvlLlesŦ 8s308 bllllon expanslon ln 8eserve money up Llll nov19'2010 ouL of whlch 8s266 bllllon ls govL
borrowlng from S8ÞŦ uelay ln lnLroducLlon of Lax reforms Ǝ weak lndusLrlal producLlon have faded
almosL 27Ʒ of esLlmaLed Lax revenueŦ
ln order Lo cope up wlLh Lhese lssues Lhe govL ls worklng on lmplemenLlng Lax reformsţ effecLlvely
conLalnlng power secLor subsldles Ǝ amend Lhe S8Þ acLŦ Assumlng a real CuÞ growLh of 2Ŧ3Ʒ Ǝ
expecLed decllne ln prlvaLe and publlc secLor lnvesLmenL expendlLure would be compensaLed by
lncrease ln publlc secLor consumpLlonŦ
LxLernal C/A ls llkely Lo be narrower ln 2011 Lhen expecLed 3Ŧ3ƷŦ 8emlLLances Ǝ exLernal lnflows can be
helpful ln meeLlng lmporL Ǝ oLher paymenLsŦ
MoneLary pollcy ls essenLlally a shorL Lerm lnsLrumenL wlLh whlch emerglng rlsks Ǝ uncerLalnLles are
managedŦ lmpacL of moneLary pollcy ls lndlrecL and Lakes place wlLh a lag unllke flscal pollcy LhaL Lends
Lo be reacLlve ţ lL has Lo be proacLlveŦ
kLCCMMLNDA1ICNS
S8Þ dual pollcy Ŵ pollcy LlghLenlng Ǝ llquldlLy ln[ecLlonŦ Currency clrculaLlon ls 8s1Ŧ3LrllllonŦ
ln[ecLlng llquldlLy ln banks ln order Lo help banks lnvesL ln govL lnsLrumenLs Ǝ brlng down deflclL Lo meeL
lMl demandŦ S8Þ should have done LlghLenlng of C88 as ln 2008 lL was obvlous ÞaklsLan would noL geL
easy access Lo forelgn moneyŦ ulscouraged excesslve lendlng Lo prlvaLe Ǝ publlc secLor also banks would
have been forced Lo glve beLLer reLurn Lo deposlLorŦ
Some parL of currency ln clrculaLlon would have flowed down Lo banklng sysLem hence savlng raLlo
would be beLLer resulLlng ln beLLer lnflaLlon numbersŦ 8emlLLances Ǝ exporLs are Lhe only source of
fundlngŦ
Þrovlde cheaper funds Lo boosL domesLlc demand Ǝ reduce producLlon cosL by effecLlve moneLary
LoolsŦ Change Lhe MÞC Leam comprlslng of 9 membersŦ llscal lndlsclpllne remalns sysLem wlll face
llquldlLy crlsls followed by credlL crunchŦ
3 key challenges for banklng sysLem
1) 8lse ln nÞ Lo 8s 308bllllon
2) 8lslng Currency ln clrculaLlon
3) 8lse ln bank deposlLs agalnsL lnLeresL accrual whlch weakens bank balance sheeLŦ

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