The State Bank of Pakistan (SBP) Governor Dr Reza Baqir has assured that country's economy would see turnaround sooner than later by adhering economic reform programme. He was speaking at the 16th Annual Excellence Awards Ceremony, organised by CFA Society Pakistan here at a local hotel on Friday. "We should not doubt the resilience of Pakistan's economy", Dr Baqir said.
SBP governor said rise in inflation is the consequence of accumulated imbalances in economy and hoped that inflation rate would significantly come down in next fiscal year. Dr Baqir said SBP has keenly focused to promote digital payment methods in Pakistan. "We are planning to discuss the digital payment methods with different stakeholders", Dr Baqir said.
Digital payments, he said, would be helpful in promoting gender diversity. The prospects of country's economy are bright as the federal government has managed to deal with current account deficit, He said adding that development of Small and Medium Enterprises (SMEs) is the major goal of prime minister's economic team.
Dr Baqir said stability is necessary for economic growth. He told that SBP has changed the exchange rate regime and make it market determined. "Initially, there was lot of anxiety in markets but now things have settled down", he added. The award categories included Islamic banks, conventional banks, corporate finance house, investor relation award, research report award, brokerage industry award, best equity brokerage house award and recognizing gender diversity at workplace award.
In his welcome address, CFA Society Pakistan president Muhammad Asim welcomed the guest and congratulated the winners. He hoped that country's economy will yield the best results in the years to come.
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