Canada Global(Web News) Governor of Bank Daulat Pakistan Jameel Ahmed has said that the results of the government’s measures taken for economic stability have started to emerge.
External accounts have improved significantly and foreign exchange buffers are being built, with the current account deficit narrowing to 0.7 percent of GDP in FY23 from 4.7 percent in FY23. The forward book target of $4.2 billion for 2023 has been achieved by a wide margin. Inflation has declined to 31.4 percent in September 2023 after reaching 38.0 percent in May 2023. However, it is expected to decrease further in the next half of the financial year.
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Addressing a meeting with international investors on the sidelines of the IMF and World Bank meetings in Morocco, organized by global banks including Barclays, JP Morgan, Standard Bank and Jefferies, Governor State Bank Briefed international investors on recent macroeconomic developments. The policy measures taken on the ongoing challenges and the outlook for Pakistan’s economy and answered their questions. The State Bank Governor said that the administrative measures that helped reduce the current account deficit last year have now been withdrawn. , ongoing stabilization measures and resilience
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He said that with the policy rate of 22 percent, the State Bank estimates the real interest rate, which is quite positive on a forward-looking basis, as inflation is expected to decrease significantly during the second half of the current fiscal year. Informed that the current policy measures of the Government and the Central Bank are moving towards achieving stability by removing macroeconomic imbalances. The standby agreement with the IMF is expected to further support ongoing policy efforts to stabilize the economy.