SIALKOT, Dec 3: State Bank of Pakistan (SBP) Governor Dr Shamshad Akhtar claims that the country has successfully come out of the worst economic shock with dignity.
Addressing a meeting of the business community at the Sialkot Chamber of Commerce and Industry (SCCI) after visiting several industrial units on Wednesday, she said: “The worst is over now.”
She said the central bank might further tighten the monetary policy after examining the financial data of November and December. She said if the macro-economic fundamentals improved, there would be no need to have a tight monetary policy.
The governor said both the government and the SBP were taking direly needed steps owing to which macro-economic stability had been restored in the country. She said the central bank was meeting the demands of the government and the private sector.
She said the banking system was stable in Pakistan despite 1.8 per cent increase in non-performing loans (NPLs).
The SBP was ensuring easy excess of industrial sector to credit and this step was also encouraging the banking industry, she said.
Dr Shamshad Akhtar said the SBP would evolve a comprehensive strategy to bring about stability in rupee as the macro-economic imbalances had weakened the currency.
She made it clear that the International Monetary Fund (IMF) loan had been taken to strengthen country’s foreign exchange reserves and it had nothing to do with controlling inflation.
She urged the business community to come forward and play its role in strengthening the economy through increasing exports.
She assured the businessmen of continuity in policies. The governor hailed the unique export culture of Sialkot. She asked the business community to focus on diversification of their traditional and non-traditional products, besides exploring new export markets.
GUJRANWALA: Dr Shamshad Akhtar says the economic situation of the country is better than that of other countries of the world despite some shocks owing to a wave of global financial turmoil.
Speaking at the Gujranwala Chamber of Commerce and Industry on Wednesday, she said Pakistan made a payment of Rs11 billion in the oil sector by using the reserves of the country. She said the major companies of the world, including the USA’s, had collapsed owing to a credit crunch which had an impact on the Pakistan economy.
She admitted that small and medium enterprise (SME) sector was facing numerous problems owing to the financial situation while the government was taking solid steps to boost it up by providing it with better facilities.
To a question about Khanani and Kalia episode, she refused to comment and termed it a critical issue. Earlier, she was warmly welcomed by chamber president Sheikh Muhammad Akram and other office-bearers.
