Pakistan’s effort to curb terror financing been appreciated by FATF and IMF: Reza Baqir

December 15, 2019 (MLN):  Governor State Bank Dr, Reza Baqir on Saturday has said that the Government is taking all necessary steps to provide a good environment for business and international financial institutions have appraised Pakistan’s actions.

While addressing at Second Financial Crime Summit, he said that FATF has been the most important area and Government has been fulfilling all conditions of FATF to get out of the grey list and the efforts that Pakistan has been doing on FATF front have also been appreciated by FATF and IMF.

He further said that following the government’s reforms, confidence of foreign investors have restored resulting in an improvement in the country’s foreign exchange reserves.

“Previously, the country mostly affected by the act of terrorism. The current situation has been much better than previous”, he added.

Shedding a light on exchange rate, he apprised that decision about exchange rate was on the right ground and the rupee is now showing signs of recovery path. People have converted their foreign currency accounts into saving ones and the economy has been benefited through the conversion of foreign currency.

In the past, some restrictions on exchange rate were imposed on account of Balance of payment crisis and now the SBP is gradually relaxing these conditions to support the local manufacturing sector, for instance, SBP allowed banks to make an advance payment up to 50% of the value of imports against LC to ease importers worries, he added.  

Talking about the economic development, Reza Baqir said that the country’s economic indicators are showing positive developments and the economy is moving towards stabilization and betterment.

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