‘SBP committed to streamlining its legal framework’

State Bank of Pakistan (SBP) Governor Dr Reza Baqir has said that the central bank would further strengthen its legal framework to facilitate the masses.

In a statement received by a private media outlet on Friday, Dr Reza Baqir said keeping money in a financial system is much safer as compared to any other system. “The central bank is running an awareness campaign in this regard.”

Baqir said that the central bank would make 1 million new merchants in 2020. “A micro-payment gateway is in making which would provide facilities to the people performing finance-related duties,” he stated.

He added that all stakeholders would have to follow the strategies while an easy and less cost-effective mechanism would be designed to provide database access to the new companies.

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The governor said that Prime Minister Imran Khan has given approval to the demands tendered by the central bank for making improvements and simplification of financial matters.

It may be noted that the SBP governor had met PM Imran Khan on Thursday to brief him over the current economic situation.

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