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Government’s efforts for finance and economy to bear fruit in 1 year: Reza Baqir

ISLAMABAD: The Governor State Bank of Pakistan Reza Baqir today (Thursday) talking to a congregation said that the country was going through economic and financial difficulties and the efforts being put in by the government would bear fruit, ARY News reported.

The governor said that their hasn’t been this much current deficit in the history of Pakistan but the policies set in motion and the solution being enacted upon to get the country back on the path of prosperity had been taken.

Read More: Pakistan’s economic condition has improved: Dr Reza Baqir

He apprised the attendees that the financial crunch was due to the exchange rate not meeting the requirements of supply and demand.

He also revealed that the foreign exchange reserves had depleted to dangerous levels.

He claimed that the current account deficit conundrum was now in a much better state and was mostly under control after emergency actions being taken to stabilize the dwindling economy.

“We initiated an austerity campaign bearing in mind the situation we face,” said Baqir.

Read More: Foreign exchange reserves decrease by $63 million : State Bank of Pakistan

He lauded the Prime Minister of Pakistan Imran Khan’s initiative towards austerity measures in state institutes which he implemented himself and later were adopted by others.

Earlier, Recently appointed Governor State Bank Reza baqir Baqir on June 14 said that he feltimmense pride and honor in heading the central bank of the country, ARY News reported.

Baqir said that he feels indebted to be given the opportunity and he aspires to modernize the premier bank of Pakistan.

“I would like to tell the people of Pakistan that the country needs you,” said Baqir.

Speaking about the recently introduced monitoring policy by the State Bank of Pakistan, Baqir said: “The reason for this introduction is to curb increasing inflation.”

Read More: Reza Baqir resigned from IMF to serve Pakistan: Firdous Ashiq Awan

Baqir revealed that the monitory policy was put in place to better assess ratio of lending on loans awarded by the State Bank.

He further revealed that a major cause of escalation in inflation was large sums of money being printed by the State Bank of Pakistan.

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