State Bank lauds impact of improved security on economic activities

KARACHI: State Bank of Pakistan deputy governor Jameel Ahmad appreciated revival of the economic activities in the country and lauded the impact of improved security conditions, a statement said on Friday.

“A marked turnaround in retail sales has been observed in metropolises, with positive readings in investor and consumer confidence surveys,” he said.

Addressing a delegation of National Security and War Course 2017 led by Air Commodore Aamir Bashir that visited the State Bank of Pakistan, he said the inland study tour of the SBP will offer the delegation an insight into the working of Pakistan's central bank and understanding of the monetary policy issues.

The delegation consisted of over 200 officers, including Pakistan Armed Forces officers, Grade 20 CSS officers and senior military officers from friendly countries. Ahmed explained that being the central bank of a developing country, the State Bank of Pakistan has also assigned for itself an important developmental role.

Given the socioeconomic indicators of the country, coupled with low level of financial inclusion, the SBP has been aggressively promoting financing to underserved sectors of the economy such as farmers; micro, small and medium enterprises; and also faith-sensitive clients who do not intend to bank with conventional institutions.

Dr Omar Farooq Saqib, director of the Economic Policy Review Department, SBP, delivered a detailed presentation on the SBP functions and monetary policy. He outlined the functions of the SBP; monetary policy; and current economic conditions and policy challenges.