‘Efforts underway to automate banking sector’

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The State Bank of Pakistan (SBP) Governor Dr Reza Baqir on Thursday said that the administration is striving hard to automate the banking sector, a private media outlet reported.

Dr Reza Baqir, while addressing a seminar regarding economic challenges, announced that the entire system is being digitised so that the consumers could make payments through their mobile phones.

“We plan to give incentives on money that is deposited in the savings’ accounts as well as national savings. I appeal to all citizens to show patience as our revenue is gradually increasing and that the country is witnessing a reduction in current account deficit.”

Baqir said that the Gross Domestic Product (GDP) rate had hiked owing to an increase in consumption value in the past, adding that China raised its growth rate by increasing its capital.

“The volume of the country’s exports is increasing and it is the task of the private sector to raise it,” he stated.

The central bank governor said that the people are facing difficulties due to the existence of illegal means to transfer money. Baqir admitted that the central bank has received complaints regarding additional receivings in the exchange rate from different banks. He said that such steps are completely unlawful and the authorities were looking into them on a serious note.

Baqir reiterated that tough decisions were needed to handle the economic situation, as foreign reserves were consistently dropping.

He was of the view that the increase in exports would raise the production and employment rate of the country. The governor said that the SBP steps helped expand local manufacturing sectors of furniture, shoes and other products.

He added that the prices of consumers’ products decrease when the rates of imported items were hiked.

He praised Federal Board of Revenue (FBR) Chairman Shabbar Zaidi for showing an increase in the overall revenue collection. The governor urged the people to spot non-filers as the tax rate would be reduced after the increase in the number of taxpayers.

 

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