Two years ago, CFA Society Pakistan conducted a survey on Monetary Policy Expectations and invited members that were engaged with capital markets to participate. The survey was conducted a few days prior to the release of the Monetary Policy by the State Bank of Pakistan and the results turned out to be broadly accurate, as many of the members voted for the rates that matched the actual policy.
The results of the survey not only hinted at the next steps of the Central Bank but also led to the exchange of views among finance professionals in the market. To provide deeper insights, questions regarding average inflation expectation, timing of the policy rate change or key indicators leading to change in policy were added.
The results were posted on social media a few days ahead of the policy announcement to create excitement and stimulate dialogue among the audience regarding the upcoming policy. The local society also received interest from the media, with a leading business newspaper approaching the local society and publishing the survey results.
Due to the success of the initiative and relevance for the local market, the Monetary Policy Expectations Survey has now become an ongoing activity that is recognized by the industry and is carried out when the Monetary Policy by the State Bank of Pakistan is expected to be released. CFA Society Pakistan has managed to engage the member community and encouraged participation from over 50 members each time the survey has been conducted.
This initiative has helped to engage members and the finance and investment industry, as well as established members of CFA Society Pakistan as thought leaders in the market. Indeed, finance professionals in the local industry look up to CFA charterholders as experts in the area and are always curious to know their views and expectations regarding crucial economic indicators.
Muhammad Zeeshan, CFA, Director, CFA Society Pakistan commented:
“Since a limited number of people in Pakistan have access to Capital Markets, not many people in finance and investment management have professional insights on the monetary policy direction. The idea behind this initiative is to establish the local society as a credible source that provides a professional outlook on monetary policy.”
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