There are two kinds of people. The first are the stable ones. As soon as they see the ‘check engine’ light on their cars turn on, they pull over and call a mechanic. At most, they will take the risk of taking their car to the mechanic themselves. The other kind of people are the chaotic ones. These are the ones that not only ignore their check engine light as if it means nothing, but when the car engine starts rumbling and making scary noises they turn up their stereo to drown out the noise and ignore the problem. Of course, eventually the car will break down and the mechanic’s job (and cost) will be doubled.
The economy is often analogised as a car. The question is, how are we handling our check engine light?
The emergency monetary policy committee (MPC) meeting hiking policy rates by 250 basis points on Thursday, more than 12 days ahead of the scheduled MPC meeting was a blaring check engine light if there ever was one. In an emergency meeting, the State Bank of Pakistan announced a 250 bps policy rate hike bringing the policy rate to 12.25%. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
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