SBP governor Tariq Bajwa announces to revive import and export committee

SBP revives import, export committee SBP to discourage import of 400 non-essential items

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Karachi: The governor State Bank of Pakistan (SBP) Tariq Bajwa announced to revive the Import and Export Committee with two directors on banking policy and of marketing from SBP, and asked the Karachi Chamber of Commerce and Industry (KCCI) to forward the names of its representatives.

The governor said this in responded to KCCI President’s demand for an inter-active session with members of Karachi Chamber of Commerce and Industry, yesterday at the Chamber.

The Governor with his team of senior officers of State Bank had come to hear views members Karachi Chamber of Commerce and Industry, the 8th largest chamber in the world.

While addressing at the chamber, Tariq Bajwa assured that being the Central Bank, State Bank is making every possible step for stability and fast growth of the economy, “We cannot have a solo flight, but shall take all stakeholders along for our combined goal of economic prosperity,” he added.

Bajwa said that very recently, he had visited Federation of Pakistan Chambers of Commerce and Industry, and Quetta Chamber of Commerce and Industry to get the feedback so that better policies could be formulated for promoting trade and industry.

A good number of business leaders, representing different sectors of trade and the industry, attended the meeting. Prominent were President KCCI Shamim Ahmed Firpo, Patron-in-Chief of Businessmen Group (BMG) in KCCI and former president KCCI Siraj Kassam Teli.

Governor, State Bank of Pakistan, expressed his satisfaction that the credit to private sector increased by 68 percent in last fiscal year against that of its previous year. Forty two percent borrowing was for fixed investment. It is a very good sign for the country’s economy that 32 percent increase is recorded in capital goods investment, he said.

The Governor said the economic indicators were very positive and the economy is progressing in the right direction and agreed to a point that the deficit current account is a challenge to the country.

However, he emphasized, we would have to manage the situation as the future of our country is very bright.

The Governor responding to a question informed that it has been decided to discourage the import of non-essential items, which were listed as 400. The State Bank is seriously working on the EXIM Bank (Export and Import Bank) and that KCCI would have representation on its board.

SBP Chief re-affirmed that State Bank is totally autonomous financial regulator. It is also totally free to form monetary policy exclusively aimed at safeguarding the interests of the country and the nation. It is our dire need to focus on strengthening small and medium enterprises (SMEs) including easy availability of credit at the lowest interest rate.

To a question from KCCI female member, Governor informed that SBP had launched a special credit scheme for promoting women entrepreneurs in the country.

Under the above scheme at least 20 percent of credit has been allocated for women entrepreneurs in Balochistan with a limit of Rs.1.5 million credits for an applicant.

To a query from media, the Governor said the report of the SBP committee formed on the recent Rupee devaluation was sent to the Ministry of Finance and that the coming decision/action would be shared with the media.

Earlier, Patron-in-Chief of BMG in KCCI Siraj Kassam Teli and President KCCI Shamim Ahmed Firpo apprised the SBP Governor for listening to the related issues of the business community in Karachi.