Central banks all across the world are committed to disseminating data in an organised, timely, and accurate manner. Financial market participants, researchers, and other stakeholders benefit from the availability of open data that can help them make informed decisions.
There has been a steady flow of economic and financial information from the SBP, like other central banks. Also always working toimprove data coverage, quality, and availability is this organisation. The SBPsaid today that it has taken another step forward in making its data widely accessible to stakeholders, in keeping with its communication policy.
In an online and in-person ceremony attended by market analysts, academics, senior bank officials, and other participants, Governor (Acting) Dr. Murtaza Syed unveiled Easy Data, a data portal with an intuitive and user-friendly interface that provides time-series data. More than 7,000 economic and financial time series data points are currently available in roughly 100 datasets on Easy Data.
For central bankers, Easy Data provides an easy-to-use interface and comprises time-series economic and financial data. Using interactive graphs, Easy Data provides consumers with an overview of major economic and financial statistics across a variety of sectors. Users can also save their favourite indications to a personal “basket” for quick access. Other national organisations, regulators, and trade and manufacturing associations have also contributed time series data to this collection. Dr. Murtaza emphasised the importance of economic and financial data in making timely policy decisions and in making SBP a more open, accountable, and outward-looking organisation when discussing the key aspects of Easy Data. When it comes to high-frequency demand indicators, he cited sales of fast-moving consumer goods (FMCGs), including cars and cement, which might help policymakers assess the impact of Covid-19 on households and companies, and fine-tune the policy response in light of rapidly changing global dynamics.
The potential benefits of Easy Data for academics were also underlined, so that students and scholars may use the most relevant data about Pakistan’s economy in their studies.
The governor further emphasised that the SBP has joined other major central banks across the world in establishing and maintaining an easy-to-use data distribution platform with Easy Data, in accordance with international best practises. On the other hand, he made it clear that Easy Data is an ever-evolving solution, with further data coverage and features planned going forward. His thanks to the analyst community were also extended for their valuable input on prior iterations of the effort. He also suggested that Easy Data team add other statistics distributed by the SBP to make it a real one-stop solution, and that the Economic Data page on main SBP website www.sbp.org.pk remain functional until all the data is made available on the new data portal.
The panellists then had the opportunity to speak to the audience. Khuram Husain, a well-known journalist, was one of the panellists, as was CSSR Director and Senior Researcher Haris Gazdar, IBA Professor and Chairperson of the Department of Economics, Asma Hyder, SBP Research Advisor and Chief Economist Dr. Ali Chaudhary, University of Bristol Lecturer Dr. Ahmed Pirzada, SDPI Research Fellow Dr. Sajid Amin, Professor of Economics and Dean of the Lahore School of Economics, Dr. The panel’s debate was moderated by SBP Abid Qamar, chief spokesperson. During his presentation on the Easy Data portal, Dr. Ali Chaudhry was upbeat about its potential impact.
Mr. Khuram Husain, when asked if Pakistan’s economic policy-making process is in need of improvement, stated that it is and that it should be. It was also pointed out by Mr. Husain how important it is for SBP’s various reports to present the appropriate interpretation and conceptual side of the data. As Dr. Hasnain pointed out, data is critical when formulating economic policy. To reach a bigger audience, he advised that SBP join TikTok.
Dr. Pirzada emphasised the need of SBP officials writing blog postings, which will aid researchers and policymakers in forming their opinions. In congratulating SBP on the introduction of Easy Data, Dr. Azam said that the central bank has reached a significant milestone in its history. We’ll talk about the hurdles and limitations in accessing data, and how Easy Data might help. According to Dr. Adeel Malik, the issue of data hierarchy is critical, and SBP can help address it. He went on to say that in order to make
Easy Data an integrated data portal for researchers, SBP needs to work with academics and other institutions. Researchers confront difficulty in accessing reputable data because they lack access to a national data gateway, Dr. Asma Hyder argued during her presentation. Researcher Maha Rehman lauded SBP’s efforts to launch the Easy Data portal, which she felt would be a valuable resource for the community. Mr. Haris Gazdar emphasised the necessity of scholars and policymakers alike having access to data. Dr. Sajid was certain that the Easy Data portal’s dashboard would become the media’s first stop. It was his idea to make it even more dynamic over time in order to improve people’s knowledge of money management issues.