Pakistan, Sept. 19 -- Tomorrow the State Bank of Pakistan (SBP) will announce its new monetary policy and all eyes, especially in business circles, will be on Karachi and rightly so. So far, in order to ward off the worst effects of the coronavirus pandemic, the Bank has already slashed the policy rate by 625 basis points since this March. And, slowly but surely, this dovish stance has begun impacting the economy to the upside. Demand for credit is much improved, businesses are much happier than they were at the same time last year even though there was no coronavirus at that time, and significant sectors of the economy have started picking up.

Going forward, it is only natural for the business community to salivate at the prospect of ye...