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Economic indicators moving positively: Salim Raza - LahoreEstate - 11-22-2009 04:50 AM
ISLAMABAD: Pakistan’s overall economy is growing well as the economic indicators are moving ahead positively, Governor State Bank of Pakistan (SBP), Salim Raza said.
‘The foreign exchange reserves of the country have improved from three weeks level up to five months level now,’ he told media persons after inaugurating the 3rd international microfinance conference.
He said that the inflation has also come down to single digit (8.87 per cent) in October which is a positive sign.
The country’s consumer price index (CPI) rose 8.87 per cent in October, the slowest pace in 22 months as it had peaked at a record high of 25.3 per cent in August 2008.
He added that detailed information about country’s monetary position would get clear after the bank announces its monetary policy on coming Tuesday.
He said that healthy dialogue was continuing with the International Monetary Fund (IMF) which was a continuous process, adding that Pakistan’s economic indicators were in the right position.
To a question about liquidity, he said that the SBP has been focusing on targeted growth adding that there was increase in credit demand.
To a question about interest rates, the SBP governor said it is a dynamic subject and the bank has to consider about fifteen things before revising the rates.
Earlier, speaking at the conference he stressed the need for bringing microfinance into formal financial institutions to enhance its effectiveness.
He said that the microfinance institutions need to enhance the number of their products to facilitate different types of customers.
Salim Raza said that loans through microfinance banks and other monetary bodies is 70 per cent in Pakistan which is still less as compared to other banks of the region.
Speaking on the occasion, Ghalib Nishtar, President Khushhali Bank said that microfinance institutions have the ability to improve livelihoods and spur economic activity.
He said that the role of microfinance in poverty alleviation, employment generation and for country’s economic revival has increased manifold.
He stressed the need that microfinance needs to be regulated which would enable it to potentially provide access to affordable financing services such as loans, savings, leasing, insurance, payments and transfers.—APP
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