State Bank of Pakistan (SBP) Governor Reza Baqir said on Thursday that the country was going through economic difficulties, however, efforts being put in by the government would soon bring stability to the country, a private media house reported.
Addressing a congregation, the SBP governor said, “The current account deficit had reached an unprecedented level but the policies set in motion and the solution being enacted upon by the government would put the country back on the path of prosperity.”
He apprised the attendees that the financial crunch was due to the exchange rate not meeting the requirements of supply and demand.
Baqir claimed that the current account deficit conundrum was now in a much better state and remained mostly under control.
“We initiated an austerity campaign bearing in mind the economic issues we face,” he stated, lauding the prime minister for initiating austerity measures in state institutions.