Governor SBP Jameel Ahmed determined to bring down inflation rate to five to seven percent over the next two years
Says it is our stated policy that we have left the exchange rate of rupee against dollar on the market forces
Says stability will come in the markets in result of IMF deal
Says all the foreign payments during the last financial year were paid on time
KARACHI ( Web News )
State Bank of Pakistan Governor Jameel Ahmad has expressed his concerns over rate of inflation and said that they set a target to bring it down to a range of 5-7% during the next two years.
He was addressing a ceremony in Karachi to launch a commemorative banknote of 75 rupees denomination in connection with 75th anniversary of the establishment of State Bank of Pakistan. He further said that bringing down this inflation rate is a biggest challenge and added that they have focused all their efforts and policies in this regard. He said that they would attain the goal in coming two years and continued that the people will see us heading towards this particular direction.
Moreover, he highlighted that the foundation stone of the State Bank of Pakistan was laid by Quaid-e-Azam Muhammad Ali Jinnah, stressing the historical importance of the event. The governor SBP further said that more 16,000 branches of the bank operating nationwide and added they had introduced a number of reforms regarding the foreign investment.
He appreciated the introduction of digital banking facilities, allowing customers to effortlessly open and manage their accounts in their comfort and further expressed his satisfaction regarding the extensive services offered to overseas Pakistanis, enabling them to access convenient banking solutions.
“State Bank of Pakistan is dedicated to financial stability. Current legislation is aligned with international standards, making the SBP’s framework comparable to any central bank in the world,” he added. He underscored the institution’s commitment to enhancing efficiency through automation, placing special attention on technological advancements.
Moreover, Jameel Ahmed said that State Bank is an autonomous and independent institution that was providing best financial services to the country and its people. He added that State Bank has introduced several long-term schemes for the financial sector to boost economic activity. “We have also made changes in the banking laws over time and our laws are now at par with the international standards,” he added.
Meanwhile in an interview with the state-run TV channel, Governor State Bank of Pakistan Jameel Ahmed said that there are two big economic problems of Pakistan, first the inflation was increase at great length and subsequently the masses were facing difficulties. He said that the second issue for Pakistan was external payments of loans. He said that stability will come in the markets in result of IMF deal, adding that it will also last positive impact on the foreign exchange reserves of Pakistan, adding that IMF program will help resolving both issue. He said that there was no situation of bankruptcy for Pakistan as this matter was exaggerated, adding that we were managing these things while remaining within our resources. He said that all the foreign payments during the last financial year were paid on time and even not a single installment of interest or principle was delayed by Pakistan and were paid on due dates.
Jameel Ahmed said that our forex reserves remained over $4 billion during the last five or six months. He said that it is our stated policy that we have left the exchange rate of rupee against dollar on the market forces. He said that in result of improvement in flows and things will move towards betterment then it will last positive impact on the rupee rate against dollar. Jameel Ahmed said that we will monitor the things and allow the market to determine the exchange rate but SBP will not intervene in the matter in any way. Governor SBP said that on Monday the forex reserves of the SBP were increased by over $0.5 billion and it will continue increasing during the current week and will further increase in next weeks’ also. Jameel Ahmed said that our forex reserves will be increased considerably resulting our capacity to meet our debt obligations will increase and it will last positive impact on the market.