State Bank to keep up monetary oversight, says official

Central bank will strive to stabilise macro variables.

Our Correspondent February 27, 2013
“The SBP will launch market operations to control the rapid increase in the dollar’s worth," says Deputy Governor SBP. PHOTO: FILE

LAHORE: Bank of Pakistan (SBP) Deputy Governor Kazi Abdul Muktadir has said that the central bank will continue playing its role in bringing down the rate of inflation in Pakistan. He was addressing the 14th (Management Association of Pakistan) Convention organised here on Wednesday.

Muktadir said that investment in the private sector could help reduce the rate of inflation in the country. He said SBP has assured the Election Commission of its cooperation, and will provide details of all defaulter candidates. The State Bank’s Credit Information Bureau has already initiated its work in this regard, he said.

“The SBP will launch market operations to control the rapid increase in the dollar’s worth. The dollar has been moving up following an increase in oil imports”, he added. He added that maintaining the foreign exchange reserves is a real challenge faced by the country.

Muktadir pointed out that Pakistan is witnessing a crucial period as regards political uncertainty, and hoped that the country would witness a turnaround along the lines of Sri Lanka. He observed that economic development picked up in the regional neighbour after the law and order situation improved following its all-out offensive against Tamil rebels.

Participants of the convention highlighted the opportunities and threats faced by developed, emergent and emerging economies. The participants focussed mainly on adopting new technologies within the corporate sphere and getting the best results out of their respected organisations.

“21st century corporate organisations have been transformed by the globalisation and advancement in information technology that has taken place over the last few decades,” said Mohamed Iqbal Rawther, chairman of the Malaysian Institute of Management, in his speech. Rawther went on to say that change always carries an element of risk. For corporations, these include risks that involve internal factors that are controllable, and external factors beyond their control.

“The new ecosystem for business is still changing in this knowledge-based economy. However, one thing is certain – the emergence of knowledge workers means that corporate organisations must explore new leadership and management style and structure,” he observed.

PEL Managing Director Haroon A Khan informed participants that Pakistan has started exporting transformers to Saudi Arabia.

Published in The Express Tribune, February 28th, 2013.

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