The Governor State Bank of Pakistan Reza Baqir today (July 11) has claimed that after crucial emergency steps, current account deficit conundrum is now in a much better state and mostly under control.
He praised the austerity initiative of Prime Minister Imran Khan and said, “We initiated an austerity campaign bearing in mind the situation we face”. While talking serious economic challenges of the country he said that the country was going through economic and financial difficulties and the efforts being put in by the government would bear fruit.
While pointing out the accounts deficits he said, there hasn’t been this much current deficit in the history of Pakistan but the policies set in motion and the solution being enacted upon to get the country back on the path of prosperity had been taken.
He also revealed that the foreign exchange reserves had depleted to dangerous levels.
Earlier,Baqir on June 14, had revealed that the monitory policy was put in place to better assess ratio of lending on loans awarded by the State Bank. He had further revealed that a major cause of escalation in inflation was large sums of money being printed by the State Bank of Pakistan.
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13 November, 2019