KARACHI: State Bank of Pakistan (SBP) Governor Dr Reza Baqir Wednesday said the central bank is making efforts for a sustainable economic growth and last two years’ decisive policy actions have proved that the SBP’s policies have largely supported the economy.
While addressing an event titled “Ensuring Sustainable Growth and Promoting Digitization,” at SBP Head Office, Baqir said the SBP’s Covid-related measures have also provided support to the emerging economy of Pakistan.
He said that the State Bank’s policy measures taken after Covid-19 outbreak led to a significant strengthening of external and fiscal fundamentals. “Overall, the SBP provided a financial relief of some Rs 2.073 trillion to the trade and industry after the pandemic,” he added.
The State Bank is fully facilitating trade and industry to achieve a sustainable economic growth and during the last two years financing to the export sector has increased significantly.
On the industry demand, key policy rate is now in single digit. One year ago the policy rate was 13.5 percent and now it is 7 percent. Foreign exchange reserves also rose by $10 billion during the last two year. Reserves increased from $ 8.3 billion in August 2019 to $17.8 billion in July 2021.
