SBP taking initiatives for SMEs, businesswomen

Says businesses must have access to financial tools to grow and thrive

LAHORE:

State Bank of Pakistan (SBP) Chief Manager Tariq Riaz has highlighted that the central bank is undertaking several initiatives, including an upcoming awareness programme focusing on small and medium enterprises (SMEs), which will place special emphasis on providing support to women entrepreneurs.

In a meeting with businessmen at the Lahore Chamber of Commerce and Industry (LCCI), the chief manager provided insights into various financial programmes being introduced by the SBP, particularly those targeting key sectors such as SMEs, agriculture, Islamic banking and digitalisation.

He underlined that the State Bank was committed to ensuring that businesses, regardless of their size, got access to the financial tools they needed to grow and thrive.

Moreover, he pointed to the State Bank's efforts to improve financial literacy under which financial education was being introduced in the curriculum for grades 9 and 10.

This is part of a broader initiative to raise awareness among the younger generation of financial management and literacy. "These steps are aimed at creating a more financially aware and responsible population, which in turn will contribute to the country's long-term economic stability."

Speaking at the meeting, LCCI President Mian Abuzar urged the government and the State Bank to ensure adequate facilitation for the business community.

"Enabling the business sector to function smoothly is essential for driving the country's economic growth and prosperity," he remarked.

He asked the government to take swift action for digitising the economy, which was essential for modernising the financial system and making it more transparent and efficient. Highlighting concerns within the business community about certain actions of the Federal Board of Revenue, he called for addressing those issues to create a business-friendly environment.

The LCCI chief stressed the need for the State Bank to automate its processes, particularly the banking transactions, adding that the current monopoly of commercial banks in opening Letters of Credit created hurdles for businesses.

He urged the SBP chief manager to issue clear instructions to all commercial banks to ensure full cooperation with businessmen. "Traders and entrepreneurs should be treated as partners in the country's economic growth rather than creating obstacles in their daily business transactions."