Stabilisation efforts bearing fruit: SBP Governor

KARACHI: The State Bank of Pakistan (SBP) Governor Dr Reza Baqir on Wednesday said that reforms introduced to address macro-economic challenges have started to bear fruit and an improvement in external sector has become visible.

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He made these remarks during an interactive session with the members of Overseas Investors Chamber of Commerce and Industry (OICCI).

Baqir added that macroeconomic stability would promote investment in the country and trigger growth while admitting that bold measures taken in the recent past were painful.

Average monthly current account deficit, a prime concern for the economy, has halved, exports have increased, non-borrowed foreign exchange reserves have stopped falling and in fact began to grow, he elaborated.

Baqir hoped that inflationary pressures would ease from second half of the current fiscal year.

The central bank is moving towards digitisation and proactive engagement that will address the major issues systematically, further added the governor.

The governor promised to consider various OICCI recommendations while emphasising the need for continuous dialogue.

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