Waseem Shahid Malik, ex-member of the State Bank Monetary Policy Committee (MPC), said this while talking to WealthPK. In the past, the monetary policy outcomes remained insensitive to policy changes made by the State Bank, he said. He explained that in a cashless economy, most transactions are conducted electronically, leaving a clear digital trail of money flows. Likewise, during the period from July to April of FY 2023, there was a cumulative policy rate increase of 725 basis points. In order to promote a cashless economy, he suggested the government promote e-banking and financial literacy, and build cyber security infrastructure.

Source: The Nation September 30, 2023 12:19 UTC