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Stabilising economy our priority: SBP governor

LAHORE: State Bank of Pakistan (SBP) Governor Dr Reza Baqir says stabilising the national economy is the government’s priority.

Talking to members of the business community at the Lahore office of Federation of Pakistan Chambers of Commerce & Industry (FPCCI), he said exports have trended upward by 10 to 20 per cent.

Dr Baqir stressed that the private sector’s growth is vital for stability and prosperity in the country and that businesses will not grow without resolving the issues facing the sector.

He said the government wants to see the private sector expand so that new employment opportunities are generated.

The SBP governor emphasised the need for the sector to operate as per rules and regulations.

He also stressed the need for ensuring market competitiveness saying there will be no progress without it.

The governor said exchange rate too is important as the demand and supply situation is kept in view while formulating an exchange rate policy.

Previously, he added, whenever trade deficit climbed, exchange rate was not adjusted accordingly.

He said the exchequer had run out of dollars to pay off loan installments.

The SBP governor said it is their priority to bring stability to the private sector.

He said the current [economic] situation is way better than what it was six months back.

They brought reforms and signed a $6 billion agreement with IMF to navigate economic challenges, he added.

He said the government could bring a policy in regards to exports and Small and Medium Enterprises (SMEs), adding that the growth of SMEs is also their priority.

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