KARACHI, Dec 18: Inflationary expectation in Pakistan is changing as inflation rate has moved below 8 per cent in 11 months. This was stated by Prime Minister Shaukat Aziz while talking to a delegation of bankers, which called on him here at the Governor’s House on Sunday.

The prime minister said that after the induction of the new governor of the State Bank of Pakistan, the government would have the meeting of the monetary and fiscal policies coordination boards and then the State Bank would issue monetary policy statement for the next six months.

He said that inflation had decreased despite energy crisis, unprecedented rise in oil prices and the damages caused by the earthquake.

“This exhibits that the economy had the strength to absorb these shocks”, he added.

The premier said that the government’s decision to improve supply by importing eatables at lower rates, had led to the reduction in inflation in food items.

Mr Aziz said that the performance of the banking sector had significantly improved during the last six years.

However, he stressed upon the bankers to be more innovative and focus on the under served areas ie SMEs, agriculture and consumers.

“The global paradigm is changing. Innovate accordingly, focus on under served areas and on setting up of call centres and processing centres to bring more development and for creating job opportunities here”, he said.

The delegation apprised the prime minister of the reforms undertaken in their respective banks.—APP