Foreign investments as well as exports in quantitative terms are increasing: Governor SBP

When talking about the economic details, Baqir said foreign investments, as well as exports in quantitative terms, are increasing.

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According to Reza Baqir, Governor SBP, the Monetary Policy Committee of State Bank of Pakistan works independently and considering the current inflation issue, decisions about interest rates are taken. He said this while addressing (KCCI) Karachi Chamber of Commerce on Monday.

KCCI has demanded to reduce the policy rates; therefore, Reza Baqir assured them that as the rate of inflation starts to come down, State Bank of Pakistan would act the same.

He mentioned: “Rest assured and trust us, we are moving gradually. We will cut down interest rates when inflation drops.”

When talking about the economic details, Baqir said foreign investments, as well as exports in quantitative terms, are increasing.

Furthermore, a focal group is being created by KCCI and SBP so they can work together in promoting small as well as medium enterprises zone.

The governor SBP proposed the group because of the concerns that were raised by members of KCCI during his meeting with the chamber. According to Baqir, the economic situation of the country is rapidly improving, and the significant indicator is the stabilization of the exchange rate.

He further said that we need to create awareness about financing mechanisms and regulations of SME among the community of entrepreneurs in this way, all the small and medium businessmen would be able to avail better SME financing means for the fast growth of the respective sector.

On Monday, the State Bank of Pakistan notified that a new monetary policy would be announced by the end of the week.

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