KARACHI: Since foreign exchange reserves have significantly increased, Governor Jameel Ahmad of the State Bank of Pakistan (SBP) has declared that there are no import limitations.
Despite continuing debt repayments, Mr. Ahmad stated in his speech at the SBP’s 77th Independence Day festivities that the state of foreign reserves has improved, with reserves now standing at $9.3 billion.
“There are no import limitations, and exports of IT have increased dramatically. The SBP governor expressed optimism about the economy’s prospects.
Nevertheless, getting letters of credit for imports continues to be a challenge for importers across the board. They said that by implementing a selective import policy, the SBP was able to lower the trade imbalance in FY24.
According to the governor of the SBP, inflation dropped dramatically from 28.3 percent in July 2023 to 11.1 percent in July.
Mr. Ahmad emphasized the nation’s prior difficulties with macroeconomic data.
He noted that from $17.48 billion in FY22 to $3.2 billion in FY23 and $0.68 billion in FY24, the current account deficit had decreased.
According to him, the remittances that Pakistani workers abroad send home have grown from $27.33 billion in FY23 to $30.25 billion in FY24.
He stated that the government and SBP’s actions have improved macroeconomic indicators, which has improved the outlook for the economy.
In order to fully utilize the potential in these sectors, “banks have developed their plans to issue more loans to the agriculture and SME sectors compared to last year,” he stated.
He gave an overview of SBP’s programs, such as Banking on Equality, the National Financial Literacy Program, and the National Financial Inclussion Strategy, which aim to guarantee the public’s access to financial services.
“New and creative approaches must be taken to address enduring economic problems, especially in light of digital advancements and growing cybersecurity risks,” the SBP head emphasized.
According to Mr. Ahmad, the central bank is actively tackling these issues. He also asked the banking sector to improve cybersecurity by updating its systems and alerting clients ahead of time to safeguard login information from prospective scammers.
