Islamabad, 15 August 2024 (TDI): Governor Jameel Ahmad of the State Bank of Pakistan (SBP) has emphasized that the government and central bank’s actions have improved macroeconomic indicators, which has improved the nation’s economic picture, and there is no import restriction in place now.
During the Independence Day celebrations at the SBP, the governor made a point of highlighting the huge decline in inflation from 28.3% in July 2023 to 11.1% in July 2024, as stated in his message, which was read out by Executive Director Muhammad Haroon Rasheed.
The current account deficit had increased to $17.48 billion in fiscal year 2021–22, shrank to $3.2 billion in FY23, and then decreased to $0.68 billion in FY24, he said, highlighting the nation’s prior struggles with macroeconomic data.
Further, from $27.33 billion in FY23 to $30.25 billion in FY24, overseas remittances rose.
Despite continuous debt repayments, the SBP governor reported that foreign currency reserves had improved, reaching $9.3 billion.
Not only have that, but import limits have not been handed down, and IT exports increased dramatically.
He emphasized that these improvements are positive for Pakistan’s economic picture.
In an attempt to maximize the potential in those sectors, he continued, banks have planned to lend more money to the small and medium-sized business (SME) and agricultural sectors than they did the previous year.
He gave an overview of the SBP’s programs, such as Banking on Equality, the National Financial Literacy Program, and the National Financial Inclusion Strategy, aimed at ensuring that the general population has access to financial services.
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He also emphasized the Asaan Mobile Account, which enables the general public, particularly low-income segments, to open branchless banking accounts digitally, and Raast, Pakistan’s first instant payment system that facilitates end-to-end digital payments among individuals, businesses, and government entities.
Ahmad stated that in order to address persistent economic problems, fresh and creative approaches must be explored.
He said that the SBP was aggressively tackling the issues in light of digital advancements and new cybersecurity threats. He also asked the banking sector to improve cybersecurity by updating its systems and alerting clients to the need of protecting their login credentials from hackers.
He added that Pakistan Financial Literacy Week was held for the first time this year in March by the SBP. “Digital Bankari – Fori aur Asaan” was this week’s subject, which attempted to harness the power of digital solutions to give people the information and resources they need to make wise financial decisions.
