Near-term external sector issues resolved
KARACHI: Governor of the State Bank of Pakistan (SBP), Jameel Ahmad, said the nine-month stand-by arrangement with the International Monetary Fund (IMF) had improved the country’s foreign exchange reserves and largely resolved the short-term issues related to the foreign markets sector. Economy.
Addressing a flag-hoisting ceremony at SBP headquarters on Monday to mark the 76th Independence Day, Ahmad noted that the global economy has remained under pressure recently, which has also led to an increase in inflation. in Pakistan.
These conditions have been exacerbated by the floods and delays in the review of the IMF program, he added. The SBP Governor paid rich tributes to Quaid-e-Azam Muhammad Ali Jinnah and his associates who led the freedom struggle through thick and thin and won an independent state for Muslims in the subcontinent.
Ahmad reported on the extraordinary achievements of the central bank over the past 76 years, especially in winning the trust of Pakistanis. “In line with international best practice, the SBP Monetary Policy Committee is now an independent forum that decides monetary policy taking into account the medium-term inflation target and the country’s economic conditions.”
In addition, the SBP continuously informs parliament of its objectives and activities through its annual and biennial reports, as it is accountable to the people’s parliament and the public. It also publishes the Financial Stability Review, which highlights the main risks to the financial system and assesses the resilience of the financial system to these risks.
Published in EDP BLOGS on August 15, 2023.
