The State Bank of Pakistan (SBP) has expanded its Economic Agents Network (EAN) to Karachi, Lahore and Faisalabad through dedicated regional teams, as part of its broader strategy to strengthen engagement with stakeholders across major sectors of the economy. The initiative is aimed at gathering timely, ground-level insights on unfolding economic conditions and emerging policy challenges to support informed monetary policymaking.
Originally established in May 2025, the Economic Agents Network was introduced to enhance structured engagement between the central bank and businesses, trade bodies and other economic participants. According to the SBP’s latest biannual Monetary Policy Report, the regulator has now extended the network’s reach to additional economic centers to progressively broaden its coverage and deepen interaction with diverse sectors.
The expansion reflects the central bank’s intent to supplement traditional macroeconomic indicators with qualitative intelligence collected directly from market participants. Globally, many central banks operate similar liaison frameworks to obtain real-time feedback from businesses and stakeholders. These structured systems provide qualitative context to official data and help policymakers better understand shifts in demand patterns, cost structures, labor market conditions and sector-specific developments.
Under the expanded framework, EAN teams conduct systematic and structured engagements, primarily through face-to-face interviews with senior business leaders across manufacturing, agriculture and services sectors. The teams collect information on demand and supply dynamics, cost pressures, pricing behavior, employment trends, financing conditions and forward-looking business expectations. These discussions provide granular insights that may not immediately appear in formal economic statistics.
The information gathered through the network is consolidated and presented to the Monetary Policy Committee (MPC), forming part of the analytical inputs used to shape policy deliberations. The qualitative findings also support refinements to macroeconomic projections and scenario assessments. By incorporating real-economy feedback into its forecasting process, the SBP aims to enhance the responsiveness and precision of its forward-looking monetary policy framework.
In addition to private sector engagement, the network interacts with research institutions, academia, public sector bodies and government entities to ensure that the information collected is balanced and cross-validated. The SBP has emphasized that all inputs obtained through the EAN remain confidential and are reported in aggregated form, safeguarding respondents’ trust and maintaining institutional data integrity.
The Economic Agents Network also functions as an early warning mechanism. By maintaining continuous dialogue with economic actors, the central bank can detect emerging risks, monitor shifts in sentiment and respond more effectively to rapidly evolving conditions. This role becomes particularly significant during periods of heightened uncertainty, including natural disasters or sudden trade disruptions.
For instance, the network is designed to capture developments that may not yet be reflected in published macroeconomic data, such as localized impacts from floods or supply chain constraints resulting from events like the Pakistan-Afghanistan border closure. Such real-time intelligence allows policymakers to assess short-term pressures and adjust their analysis accordingly.
The expansion of the EAN forms part of the SBP’s broader effort to institutionalize qualitative insights within its monetary policy toolkit. While conventional surveys provide directional guidance, their fixed format and periodic frequency can limit deeper examination of underlying drivers and evolving economic dynamics. By contrast, structured engagements through the EAN allow for more nuanced understanding of sectoral challenges and opportunities.
With dedicated teams now operating in Karachi, Lahore and Faisalabad, the SBP is positioning the Economic Agents Network as a central pillar of its data ecosystem. The initiative underscores the regulator’s focus on strengthening evidence-based policymaking and enhancing the forward-looking orientation of monetary decisions in an increasingly complex economic environment.
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