SBP governor urges private sector to follow rules

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State Bank of Pakistan (SBP) Governor Dr Reza Baqir on Saturday emphasised the need for the private sector to abide by the government’s rules and regulations.

Talking to members of the business community at the Federation of Pakistan Chambers of Commerce & Industry (FPCCI)-Lahore, he said that stabilization of the national economy was among the government’s topmost priorities.

“The private sector’s growth is vital for the country’s stability. Businesses cannot grow without resolving the issues faced by the sector,” he maintained.

He said owing to the prudent policies of the government, the country’s exports registered a growth of 10 to 20 per cent during the last fiscal year.

“The government wants to see the private sector expand so that new employment opportunities are created and market competitiveness is ensured,” he said.

Previously, he lamented, whenever trade deficit climbed, the exchange rate was not adjusted accordingly. “It is important to keep in view the demand and supply situation of the country while formulating an exchange rate policy.”

Dr Baqir said the current economic situation was way better than what it was six months ago. “We brought reforms and signed a $6-billion agreement with the International Monetary Fund (IMF) to navigate economic challenges,” he added.

He said the government could bring a new policy to facilitate Small and Medium Enterprises (SMEs).

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