FAISALABAD: State Bank of Pakistan (SBP) Deputy Governor Saleem Ullah has said that inflation had been reined in and would further decrease while other economic indicators were also likely to improve in the coming months.
Addressing the business community in the Faisalabad Chamber of Commerce and Industry (FCCI), the deputy governor said that although inflation was declining but it was still high and hence the policy rate has been kept unchanged.
He said that the Pakistan Stock Exchange (PSX) had recorded robust activity which would also have a salutary impact on other sectors.
He categorically denied that the the central bank had claimed any quota restrictions on imports, saying is the issue of banks.
SBP launches web portal
He said that the central bank was launching a web portal under the title of “Shunwai” to redress bank-related complaints instantly.
Saleem Ullah said that withholding the payments of importers without transferring it to departments concerned was a serious problem and the SBP would look into it. He expressed dissatisfaction over delay in the import of IT-related equipment and appliances and said that the government was trying to encourage IT sector and hence the import of computers should be given priority.
Responding to a query about small traders, he said that under the Prime Minister’s Youth Programme, people up to the age of forty-five years could get 500,000 rupees interest-free loans.
He further said that the bank was also trying to facilitate the exporters so that they could earn maximum dollars for Pakistan.
He added that economic stability was directly linked with the SME sector and Rs60 billion had been reserved for this sector at subsidized rates.
Saleem Ullah said that the banking system was digitalized in order to discourage maximum cash transactions. Currency notes of 9 trillion rupees are in circulation and to squeeze its volume, the government is promoting mobile cheques and online payment systems. —APP
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