Many of us (in due course, the New Zealanders included) found that this narrow version of inflation targeting was unsuitable for one reason or another and we have adopted more sophisticated, less rigid or narrow versions, principally addressing the issue of how much variance in inflation is tolerated.
The objective of monetary policy in Pakistan, as laid down in the SBP Act of 1956, is to achieve the targets of inflation and growth set annually by the government. In pursuit of this mandate, SBP formulates the country’s monetary policy that is consistent with these announced targets.