ISLAMABAD – State Bank of Pakistan (SBP) Governor Reza Baqir has said thatthe country’s authorities are successful working on the Financial ActionTask Force (FATF) policy.
Speaking to the media on Saturday during the second annual Financial CrimeSummit at a local hotel in Karachi, the SBP chief said Pakistan’s foreignexchange reserves have been increasing. Baqir added that due to pressure onforeign exchange, the treasury was empty, however, now the economy ismoving towards improvement.
The central bank head said that the International Monetary Fund (IMF)report praised Pakistan. He said that decisions were taken to providerelief to importers, adding that we would soften our terms as conditionsimprove.
Earlier on Thursday, the SBP allowed banks to make advance payment up to 50percent of the value of imports against letter of credit for manufacturingconcerns.
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Following SBP’s decision, manufacturing authorities will be able to importplant, machinery, spare parts and raw material by making payment in advanceusing this facility. “Today’s measure is in continuation of SBP’s effortsto reverse the earlier restrictions and facilitate and support ease ofdoing business in light of the improved foreign exchange and economicoutlook,” SBP said in a statement.
Meanwhile, the country’s total liquid foreign reserves has crossed $16billion mark end of the week supported by arrival of multilateral and otherofficial inflows. According to SBP, total liquid foreign reserves held bythe country stood at $16.048 billion as on Dec 6, 2019 compared to $15.99billion a week earlier.
