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The SBP chief is proud of his firm response to challenges
The Governor of the National Bank of Pakistan (SBP), Jameel Ahmad said that the firm commitment of the government and SBP to respond to macroeconomic challenges has resulted in significant improvement in the economy.
Speaking as the chief guest at ICMA Pakistan Members Convocation, the governor encouraged the graduating accounting professionals to make a mark for themselves. While elaborating on Pakistan’s recent economic upturn, Ahmad said “it is worth taking a step back and analyzing where our economy is and where it is going”.
A year ago, he shared, Pakistan faced a very challenging macroeconomic environment. Inflation is as high as 38%, foreign currency reserves are depleting rapidly, exchange rates are under high pressure and uncertainty is relatively high.
However, “today, inflation has come down sharply, our reserves have increased to around $8 billion despite heavy debt repayments and will also cross the $9 billion mark, the current account deficit has narrowed considerably, and as a result, the rupee is stable. .” He pointed out that uncertainty had also eased while Pakistan’s bilateral and multilateral partners continued their support and the stock market hit new highs.
The governor said that the progress was made possible because of the firm commitment of the government and the SBP to respond effectively to macroeconomic challenges. He stressed that unpopular measures, however, must be taken. SBP raised the policy rate to 22% to ease pressure on inflation and the current account.
