KARACHI: Pakistan’s central bank has set up a new innovative division, Avant-Garde Digits, to track real time changes in the Consumer Price Index (CPI) to gauge the inflationary pressure in the country's economy, said the central bank deputy governor on Wednesday.

Addressing a gathering organized by the Association of Chartered Certified Accountants (ACCA) in Karachi, Sima Kamil hoped the move was going to strengthen the statistical unit at the State Bank of Pakistan (SBP).

“Our future plans include big data, artificial intelligence and we’ve made a very fancy sounding new division,” she said. “It’s called Avant-Garde Digits which will enable innovation, including a digital CPI for real time inflation tracking, multiple layers of non-traditional data using satellite images, for example, to illuminate economic growth at very high frequency.”

She informed the bank had formed a team of economic agents across Pakistan to collect anecdotal data about business conditions.

Kamil added the economic agents would meet businesses and evaluated consumer demands.

“Inflation, for example, is very much based on expectations and so it’s very important that these teams of people, already identified, actually meet businesses, small and large, to assess and gain economic intelligence on consumer demand, manufacturing, construction, and capacity utilization investment plan, employment and costs,” she continued.

The SBP deputy governor said the assessments would cover both the current and future economic conditions and give Pakistan for more real time data.

Earlier, the ACCA global president, Joseph Owolabi, called the future challenges more complex while speaking about the role of accountancy profession.

“As society’s expectations shift with speed and intensity, the challenges that lie ahead for businesses, governments and policymakers are complex,” he said.

“But with skills, knowledge, and experience that transcend sectors and borders, the accountancy profession is uniquely placed to help drive the change people want to see.”

Pakistan’s maritime affairs minister Syed Faisal Ali Subzwari spoke at the event about the environment, climate change and green growth.

Later, he promised the country’s business community to table a recommendation for the waiver of any demurrage charges before the federal cabinet for approval.