Economy on path of stability, says SBP governor

Updated 18 Sep 2020

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State Bank of Pakistan Governor Dr Reza Baqir said the economy would resume along the path of stability and recovery on which it had made strong progress before the pandemic. — Photo courtesy The British University In Egypt/File
State Bank of Pakistan Governor Dr Reza Baqir said the economy would resume along the path of stability and recovery on which it had made strong progress before the pandemic. — Photo courtesy The British University In Egypt/File

KARACHI: State Bank of Pakistan (SBP) Governor Dr. Reza Baqir on Thursday said the economy would resume along the path of stability and recovery on which it had made strong progress before the pandemic.

In a joint statement released by the SBP and Pakistan Embassy in United States, Baqir said the decisive measures taken by the central bank and government before the Covid-19 pandemic had helped address the balance of payments crises that the new government had inherited.

In turn, these bold steps had placed the economy on a stronger footing, providing room for policy action to combat the pandemic, he added.

He was speaking to overseas Pakistanis on a webinar organised by the Pakistan Embassy in Washington D.C.

He discussed the various measures taken by the SBP and government during the pandemic to safeguard common people and businesses. He expressed confidence about the recent resumption of economic activity as Covid-19 cases have receded significantly thanks to steadfast actions taken by the government.

Elaborating SBP’s efforts to facilitate overseas Pakistanis, Baqir said that the bank is focusing on facilitating them by providing a secure and efficient financial system through digital means.

He outlined the SBP’s commitment to a digital financial ecosystem that would feature efficient and secure payment and banking systems in the country.

The SBP and government are actively working to facilitate overseas Pakistanis by increasing their access to financial markets of the country, he added.

In particular, the SBP is working for facilitation of home remittances, increasing investment in Pakistani capital markets, industry, real estate and fulfilling the life style needs of non-resident Pakistanis. In this context, he was excited about the launch of Roshan Digital Account by Prime Minister Imran Khan.

Moreover, SBP’s Deputy Governor (Policy) Dr. Murtaza Syed said the Roshan Digital Accounts can be used for investment in government securities including the recently-launched Naya Pakistan Certificates offering attractive returns in dollars and rupees which were also available in shariah-compliant form.

In addition, the accounts enable investment in the country’s stock exchange, deposit products of banks and in future in real estate as well.

Published in Dawn, September 18th, 2020