KARACHI: State Bank of Pakistan (SBP) Governor Dr Raza Baqir on has said that the administration is making efforts to promote bank sectors.
According to the details, while addressing a seminar regarding economic challenges,
Governor State Bank of Pakistan (SBP) Dr Raza Baqir announced that the system is being converted to digitization which is an easy and documented solution.
He was of the view that the increase in exports is meant to raise the production and employment rate of the country. The governor said that the steps helped an expansion in local manufacturing sectors of furniture, shoes and other products. He added that the prices of consumers’ products are decreasing when the rates of imported items are hiked.
He praised the decisions made by the Chairman FBR Shabbar Zaidi, which visibly increased revenue collection. The governor urged nationals to spot non-filers as the tax rate will be reduced after the increase in the number of taxpayers.
The digitization will allow consumers to make payments through their mobile phones. It is in our future plan to give facilities on money deposited in savings’ accounts and national saving.
Governor State Bank of Pakistan appealed the people to show patience as revenue is gradually increasing besides witnessing a reduction in current account deficit.”
He also said that the Gross Domestic Product (GDP) rate had hike due to increase in consumption value in past. He said that China raised its growth rate by increasing its capital. The volume of the country’s exports is increased and it is the task of the private sector to raise it, he added.
The central bank governor said that the people are facing difficulties due to the existence of illegal means to transfer money. Baqir admitted that the central bank has received complaints regarding the additional receiving in the exchange rate from different banks. He said that the step of such banks is completely unlawful and the authorities are looking into it on a serious note.
He reiterated that tough decisions are needed for handling the economic situation when foreign reserves are consistently dropping.
