Canada Global(Web News) Governor State Bank presented the economic review report of the financial year 2022-23 under the same BP Act 1956 in the Parliament. The report states that the financial year 2023 is unusual due to external and domestic economic setbacks. It was tough.
The delay in the ninth review of the IMF’s expansionary fund program added pressure on the external accounts, inflation reached 29.2% in FY23, political uncertainty affected businesses and economic activity, monetary policy I developed contractions. The policy rate increased by a total of 825 basis points.
Total assets of the banking sector grew by 17% in FY23. The governor has said in his report that fiscal policy and effective administrative measures must be taken for prices and financial stability. The report emphasized on reducing government expenditure, increasing productivity, and strengthening the supply chain of food and energy.
The central bank will continue to take decisions to contain the deep effects of high inflation and contain inflationary expectations. The medium-term target of reducing inflation to 5-7% by the end of FY25 should be achieved. Ga. Inflation is expected to moderate at 20-22% in FY24.
