Governor State Bank of Pakistan (SBP) Jameel Ahmad said on Thursday that prudent monetary policy stance had played an important role in restoring macroeconomic stability.
While addressing the executive body of the Multan Chamber of Commerce and Industry (MCCI), he highlighted recent policy initiatives taken to enhance ease of doing business; including export and import facilitation, dividend repatriation, and support for freelancers and IT exporters, as well as strengthening the digital ecosystem. The SBP governor noted that Small and Medium Enterprises (SMEs) financing rose from Rs. 543 billion in December 2023 to Rs. 638 billion in December 2024, while agriculture credit disbursement increased by 14.5 per cent year-on-year, reaching Rs. 1,266 billion in the first half of FY25.
He also appreciated the role of the MCCI and called on the business community to invest in future technologies and explore non-traditional markets to diversify the overall exports of the country. He said that many countries of the world were exporting non-traditional items these days, adding that “our business community should also explore new forex by exporting non-traditional items”. The environment is very conducive for business, Jameel Ahmad said, recalling that some 11,000 applications were pending with the central bank for opening LCs in 2022 but “we have passed through the troubled times now”. The SBP chief highlighted a number of policies initiated by the central bank with support of the government for business fraternity for improvement in the economy.
SBP Deputy Governor Saleemullah, MCCI SVP Mohsin Masood Khawaja, former president, Khawaja Muhammad Younus SBP Director Abid Qamar, Deputy Director, Faheem Arshad, presidents of banks and other officials were present.
Earlier, in his welcome address, MCCI President Bakhtawar Tanvir Sheikh shed light on a number of challenges faced by the world and Pakistan economy dynamics were changed in COVID-19 and post-COVID scenario. He lauded the government and the SBP policies to stabilise the economy of the country, adding that the policy rate was 22pc in July last year which had reduced to 12pc now. He informed that economic indicators were going in a very positive direction now and added that the business fraternity was hoping that SBP would bring the interest rate to single digit at the earliest.
Later, a question-answer session was also held wherein Jameel Ahmad replied to a volley of questions by the businessmen.
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