Economy showing signs of improvement: SBP governor

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KARACHI: State Bank of Pakistan (SBP) Governor Reza Baqir on Monday said the economy has begun to show signs of improvement, adding that inflation would start easing soon as a result of the new measures.

Addressing the business community at Karachi Chamber of Commerce and Industry (KCCI), Baqir said the SBP has always made efforts to facilitate trade and industry as better business environment helps strengthen the economy.

Responding to KCCI’s demand for reducing the policy rates, he assured that the SBP would go for the same as soon as the inflation rate starts coming down.

“Rest assured and trust us, we are moving gradually. We will cut down interest rate when inflation drops,” he remarked.

“Economic situation of the country is improving and some segments are showing double-digit growth in terms of quantity.” He pointed out that the International Monetary Fund (IMF) had conducted the first quarterly review of Pakistan’s economy and the result was positive.

SBP governor said foreign exchange has restarted flowing back to the country, which would augment reserves and help exchange rate further stabilise. Stagnant exchange rate has been a means to subsidise imports and tax exports.

The Governor SBP said that textile industry in Faisalabad is flourishing and foreign investors are investing in Pakistan because of improved business environment. “We are also trying to ease the doing business in Pakistan,” he added.

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