Dr Reza Baqir, Governor of State Bank of Pakistan (SBP) on Thursday while addressing a seminar regarding economic challenges, said that the administration is making efforts to promote banking sectors. The system is being converted to digitization which is an easy and documented solution.
“The digitization will allow consumers to make payments through their mobile phones. It is in our future plan to give facilities on money deposited in savings accounts and national savings. I appeal nationals to show patience as our revenue is gradually increasing besides witnessing a reduction in current account deficit.”
Baqir said the rate of Gross Domestic Product (GDP) had risen because of the increase in the value of consumption in the past. China has increased its growth rate by increasing its capital. The volume of the country’s exports has increased and it is up to the private sector to increase it, he added.
The governor of the central bank said that the population was facing difficulties because of the existence of illegal means of money transfer. Baqir admitted that the central bank had received complaints about additional receipts in the exchange rate of different banks. He said that the approach of these banks was completely illegal and that the authorities were studying on a serious note.
He appreciate the decisions made by the chairman of the Federal Board of Revenue (FBR), Shabbar Zaidi, which visibly increased revenue collection.
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