Reforms introduced to address economic instability have started to bear fruit- SBP Governor
Macroeconomic stability would promote investment in the country and trigger growth.
- An average monthly account deficit has halved and exports have increased- SBP Governor
- In the past seven years, over $13 billion have been contributed by OICCI.
On Wednesday, the Governor of the State Bank of Pakistan, Reza Baqir said, revamping and remodeling introduced to address economic instability have started to show the result. All improvements and development in the external sector can be seen.
During an interactive session with the members of the Overseas Investors Chamber of Commerce and Industry (OICCI), Governor Reza Baqir shared this good news with the audience.
Reza Baqir further admitted the fact that people will only invest in Pakistan with the stability of macroeconomic stability. Bold decisions taken in the past are painful, but it is the only way to increase growth.
He further explained that the monthly account deficit has halved and exports have increased. Non-borrowed foreign exchange resources have shown growth, stopped declining.
Baqir is hopeful that from the second half of the current fiscal year inflation pressure will decrease.
OICCI President Shazia Syed informed the governor that in the past seven years, members of OICCI has contributed over $13 billion. OICCI members are amongst the largest stakeholders.
Suggestions by OICCI
Despite being fluctuation in the economy, OICCI members are very positive about investing in the country. OICCI represented comprehensive suggestions to the governor including the addition of remittances.
OICCI also suggested the governor start an online portal to allow banks to upload the request.
Governor said that the central bank is focusing more on digitization to address issues systematically.
The governor promised to consider various OICCI recommendations while emphasizing the need for continuous dialogue.
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