ISLAMABAD:The State Bank of Pakistan (SBP) is planning to conduct Business Confidence Survey (BCS) in current month and obtain opinion of firms about current and expected business conditions in the country that would help it to formulate effective monetary policies.
The BCS would be a telephonic survey lasting between 7 to 10 minutes with a senior executive of participating firms requiring them to answer some quick questions, according to SBP statement received here.
This survey would be conducted all over the country during the current month (October 2017) and will be repeated periodically and all the information collected through the survey would be treated as strictly confidential and would not be shared with any other person or entity.
Furthermore, it would not be used for any purpose other than research on economic conditions, it said adding that the bank was conducting this survey with the collaboration of Institute of Business Administration, Karachi.
It is pertinent to mention here that SBP regulates the monetary and credit system of Pakistan and fosters its growth in the best national interest with a view to securing monetary stability and fuller utilization of the country’s productive resources.
Like many other central banks, it weighs up the public and firms perceptions about prevailing and expected economic condition, as an important part of its monetary policy formulation process.
For this purpose, SBP has already been conducting telephonic surveys of households (Consumer Confidence Survey-CCS) that are selected randomly across the country.
These surveys are conducted after every two months and provide information on “what people are thinking” about the economy. The results of CCS are available at SBP website (http://dsqx.sbp.org.pk/ccs/index.php
The BCS survey is being conducting to continue with the spirit of seeking input from its main stakeholders