August 14, 2024 (MLN): To harness the potential of the agriculture and SME sectors, banks have developed plans to issue more loans compared to last year, SBP Governor Jameel Ahmad stated during his Independence Day speech.
According to a press statement by the central bank, Governor Ahmad's message, which was read by Executive Director Muhammad Haroon Rasheed, focused on improvements in macroeconomic indicators.
In his message, Governor Ahmad pointed out that inflation had significantly decreased to 11.1% in July this year, down from 28.3% in July 2023.
He highlighted the country's previous struggles with macroeconomic indicators, noting that the current account deficit, which was $17.48 billion in FY22, had been reduced to $3.2bn in FY23, and further to $0.68bn in FY24.
Foreign remittances have now increased to $30.25bn in FY24 from $27.33bn in FY23. The Governor also noted that the situation regarding foreign reserves has improved, with reserves rising to $9.3bn despite ongoing debt repayments.
Furthermore, there have been no import restrictions, and IT exports have risen significantly. These improvements, he emphasized, bode well for the country’s economy.
The Governor elaborated that the improvement in macroeconomic indicators is the result of measures taken by both the Government and the SBP, leading to a better economic outlook.
He emphasized the SBP’s efforts to ensure access to financial services for the general public, including initiatives such as the National Financial Inclusion Strategy, the National Financial Literacy Program, and Banking on Equality.
He also highlighted ‘Raast,’ Pakistan’s first instant payment system, which enables end-to-end digital payments among individuals, businesses, and government entities, as well as the Asaan Mobile Account, which allows the general public, especially low-income segments, to open branchless banking accounts digitally.
The governor stressed the need to adopt new and innovative strategies to resolve perennial economic issues.
Particularly in the context of digital innovations and emerging cybersecurity threats, he stated that the SBP is actively addressing these challenges and urged the banking industry to upgrade their systems to enhance cybersecurity and inform their customers in advance to protect their credentials from potential fraudsters.
Governor Ahmad also mentioned that the SBP observed the first edition of Pakistan Financial Literacy Week in March this year.
The theme for the week was ‘Digital Bankari – fori aur asaan’ aimed at leveraging the potential of digital solutions to equip individuals with the knowledge and tools necessary to make informed financial decisions.
The general public was provided with information regarding digital financial services such as Raast, QR Codes, Asaan Mobile Account, and Asaan Digital Account, with SBP BSC field offices and commercial banks participating.
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Posted on: 2024-08-14T20:56:42+05:00
