Foreign exchange reserves will cross the level of 9 billion dollars. Governor State Bank Jameel Ahmed
The policy rate has been increased to 22 percent to reduce inflation and pressure on the current account
KARACHI (Sabah News)
State Bank Governor Jameel Ahmed has said that Pakistan’s economy is on the path of recovery despite the global ups and downs. The foreign exchange reserves will cross the level of 9 billion dollars. As a result of the strong determination of the government and the State Bank to deal with the macroeconomic challenges, the economy has improved significantly. He was speaking as the chief guest at the convocation of ICMA Pakistan at a local hotel in Karachi, where he congratulated and encouraged the graduate accounting professionals. According to the statement issued by the State Bank of Pakistan, while discussing the recent improvement in the economy of Pakistan, he said that apart from the environment, there is a need to analyze where our economy stands and in which direction it is headed. Said that a year ago, Pakistan was facing a very difficult macroeconomic environment. The rate of inflation had reached 38%, the foreign exchange reserves were decreasing rapidly, there was a lot of pressure on the exchange rate and there was an uncertain economic situation, however today the inflation is decreasing rapidly, our foreign exchange reserves are about 8 billion. On the other hand, we are repaying huge debt, these reserves will cross the level of 9 billion dollars. He further said that the current account deficit has reduced significantly, as a result of which the Pakistani rupee is stable. The economic uncertainty has also decreased. Pakistan’s bilateral and multilateral partners have continued their cooperation. The stock market is also on the way to new heights in the country’s history. Referring to the recent economic improvement of Pakistan, Governor State Bank said that this development is the strong determination of the government and the State Bank of Pakistan to effectively deal with macroeconomic challenges. He said that unpopular but necessary steps have to be taken. The State Bank has increased the policy rate to 22 percent to reduce inflation and pressure on the current account. The government has also worked on fiscal stability by curbing unnecessary current expenditure, as a result of which these concerted policy measures are now yielding the desired results. Emphasized the need for He said that this new perspective and innovative thinking has become more necessary because the global shocks our economy is facing are becoming more complex than before. He said that climate change, technological development, cyber security threats and financial innovation are adding new dimensions to the threats to economic and financial stability. The governor encouraged the graduates to proactively respond to emerging challenges. Because the country needs professionals with deep understanding of economics, finance and accounting to find workable solutions. Leadership skills are also important so that you can shape policy and regulatory decisions with courage and courage, he said. Give and can also implement them. In the end, the Governor advised the graduates to work with dedication, hard work and unwavering determination to shape the economic landscape of Pakistan. State Bank Jameel Ahmed, Deputy Governor Dr. Inayat Hussain and Deputy Governor Salimullah warmly welcomed for accepting the invitation to participate in the induction. He congratulated the State Bank team for their efforts to stabilize the economy. At the end of the ceremony, Governor State Bank Jameel Ahmed awarded degrees to the graduates.