Finally, I will talk about the strategy of SBP on digitization and use of technology to not only bring efficiency in the payment but help in documentation of economy while also supporting our efforts of financial inclusion. Page 1 of 10  Ladies and Gentlemen! 1.
Recent data suggest the restrictive stance of monetary policy is dampening household spending, particularly on housing and big-ticket items. But economic growth and employment in the second half of 2022 were stronger than we expected. And so, excess demand in the economy has persisted, putting continued upward pressure on prices. Simply put, our overheated economy did not cool as much as we expected.