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‘Pak businesses need to be wary of global economic changes’

LAHORE: Pakistani businesses need to be wary of the developments In the wake of several macroeconomic changes that are expected to unfold in the global economy in the near future, as it is no longer immune to these in today’s economic environment. Mohammad Ramzan, CFO of MCB Bank, said this

By our correspondents
October 08, 2015
LAHORE: Pakistani businesses need to be wary of the developments In the wake of several macroeconomic changes that are expected to unfold in the global economy in the near future, as it is no longer immune to these in today’s economic environment.
Mohammad Ramzan, CFO of MCB Bank, said this at a seminar titled “Current Economic Turmoil – Risks and Opportunities” held by the MCB Bank Limited for its selective prestigious clientele.
He also informed the participants about the MCB Purchasing Managers Index (PMI), which is a bi-monthly survey that tracks the health of the manufacturing sector in Pakistan and serves as a major leading indicator of the economy as opposed to other lagging indicators such as GDP growth, unemployment and inflation.
The event also covered measures for suitable course of action to not only hedge these risks but also take advantage of economic opportunities through the use of various product offerings from MCB Bank. The global economy is in a state of turmoil at the moment, and global macro-economic events in the near term will trigger further uncertainties and risks in the global markets, which could affect Pakistan
President MCB Bank Limited, Imran Maqbool, during which he elaborated that MCB Bank continues to strive to serve its customers through un-matched services, ground-breaking product innovations and an overall culture of keeping clients abreast with the changes in the global and local economic landscape.
He also said that among its peers, MCB Bank maintains its status as one of the leading banks in Pakistan with its people-oriented approach.
Maqbool said that in addition to the Bank’s strong local presence spanning over more than 1200 branches, it continues to expand abroad with a total of 11 foreign operational branches.
Research Analyst at treasury of the bank Nausherwan Saleem then showed through various global macro-economic indicators that the global economy is currently in transition, with global output at risk from monetary policy normalization in the United States, uncertainties in Europe, persistent vulnerabilities in emerging markets and the economic slowdown in China.
At the same time, Pakistan is not shielded from these impacts as seen by the recent Pakistani stock market volatility, an under-pressure Pakistani rupee due to devaluation of the Chinese Yuan and an uncertain inflationary environment, and how this has put pressure on several countries including Pakistan to loosen monetary policy.