State Bank of Pakistan (SBP) Governor Dr Reza Baqir has said the central bank has actively been monitoring the country’s economic situation in the wake of coronavirus, assuring the SBP’s prudent measures would help stabilise the economy once the pandemic is over.
In an interview with a private media outlet, the SBP governor informed that the G20 countries had recently made an important decision to extend loan relief to developing countries, while the International Monetary Fund (IMF) was also extending complete support to the country in its fight against Covid-19.
Dr Baqir stated that Pakistan’s [bailout] programme with the IMF was on track and that the road ahead was not “as tough as before”.
Answering a query, he said that SBP had reduced the fee on interbank transfer to zero, adding that the banks are fully cooperating in moving the central bank schemes forward.
He maintained that the exchange rate dropped due to uncertainty in the market.