ISALABAD: SBP Governor makes important statement over interest rate cuts inPakistan.
The governor of the State Bank of Pakistan (SBP), Dr Reza Baqir, has hintedthat more time will be required for making a reduction in the interest rateof the country.
Reza Baqir, while addressing an event of the central bank in Faisalabad,however, said that improvements are being witnessed in the stock market butit will take more time to reduce the interest rate.
He said that people have raised concerns over increasing US dollar rates.He added that the current interest rate is standing at 13.25 per cent whichhad been maintained at 17 to 18 per cent in past.
The governor reiterated that it is the top priority of the central bank tocooperate with exports.
On December 14, Reza Baqir had said that the country’s foreign reserveslink areincreasing, today’s situation is far better as compared to the past.
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Speaking to journalists after attending a seminar in Karachi, Reza Baqirsaid people are now taking interest in saving.” Masses have changed theircurrency accounts into savings”, he continued.
The SBP governor said the economic situationlink of the country is improvingwith every passing day, the decision to change exchange rate now payingfruits.
Reza Baqir said Pakistan was badly affected due to terrorism and added thatIslamabad working to fulfil the requirement of the Financial Action TaskForce (FATF), which are in favour of Pakistan.
