State Bank of Pakistan Governor Tariq Bajwa said that the federal government has not crossed any limit in borrowing money from the bank. He also dispelled the impression that the country will be facing financial crisis in the current financial year. The SBP governor was talking to media after a ceremony held to hand over documents to the management of Lahore University of Management Sciences for the establishment of a State Bank of Pakistan Chair in the field of banking law at the university.
Vice Chancellor LUMS Dr Arshad Ahmed was also present on the occasion. Bajwa also said the federal government has taken loans of three trillion rupees from the SBP and returned two billion rupees. He said cases of worth 600 billion rupees are pending in banking courts and the SBP cannot use the amount until the cases are pending. He added that they are focusing on capacity building of lawyers for early disposal of these cases.
He admitted that the country is facing current account deficit but the government is working to solve the crisis. Due to depreciation of rupee, our imports have decreased but our exports have increased, he further commented.