Profits seem like a ‘four-letter word’: Kardar

Kardar says private enterprise is being discouraged by current policies.

KARACHI: “Profits seem to be a four-letter word in Pakistan,” said newly appointed Governor of the State Bank of Pakistan Shahid Kardar.

Addressing an agreement signing ceremony between Pakistan Cables and General Cable on Saturday, Kardar said private enterprise is being discouraged by current policies. “Encouraging private enterprise is the best way to enhance growth, create jobs and boost output.”

Kardar commended General Cable Corporation’s acquisition of a stake in Pakistan-based Pakistan Cables, “given the trying conditions and not so great news emanating from the country.”

Regarding the rupee’s decline against the US dollar in foreign exchange markets, he said the difference in rates of inflation in Pakistan and other countries had put pressure on the local currency but assured that “stability will return over time.”

He assured investors that “the central bank will facilitate anyone and everyone interested in investing in Pakistan from within the country or from abroad.”

He said “it is critical to change the economic environment to encourage private enterprise,” terming it the only “sustainable path to output growth and job creation.”

Published in The Express Tribune, September 26^th, 2010.