Commitment: Acting governor assures business of setting up EXIM Bank

Central bank official comments on country’s growth.

KARACHI: State Bank of Pakistan (SBP) Acting Governor Saeed Ahmed has assured the business community that the possibility of setting up the EXIM Bank to facilitate the country’s imports and exports would soon be taken up with the Ministry of Finance and other relevant ministries.

The acting governor praised the contribution of Karachi’s businessmen and industrialists to the national economy despite extremely unfavourable circumstances.

He was speaking at a meeting during his visit to Karachi Chamber of Commerce and Industry (KCCI) on Wednesday,

Commenting on the monetary policy, he said that the decision to revise key interest rate has been taken after thoroughly reviewing the money supply situation and inflation trends. Keeping in view the current inflationary trends, it is being forecasted that the next monetary policy may be revised as per aspirations of the business community, he added.



The SBP acting governor said that although government’s borrowing continue to remain high, the State Bank has planned to issue guidelines to commercial banks, directing them to enhance lending to  the agriculture sector, micro-finance sector, small and medium enterprises and exporters.

Commenting on the growth and challenges being faced by the Islamic banking sector in Pakistan, Ahmed stated that the central bank wants to lay solid foundations for the Islamic banking by focusing on removing the inequalities and sharing profits on equitable basis.

He stressed the need for capacity building in Islamic banking as the overall growth in Islamic banking sector of Pakistan was too far when compared with capacity building. “This needs to be addressed and we need to have qualified professionals in the Islamic banking system,” Ahmed added.

Speaking on the occasion, President KCCI Abdullah Zaki said that Karachi Chamber is committed to promote trade and industry for the socio-economic development of Pakistan.

He was of the view that the government has crowded out the private sector in terms of borrowing from the commercial banks in order to balance its fiscal position.

“There are more than 2,000 sick units all over Pakistan and these sick units have the basic infrastructure available with them. Through provision of effective schemes and resources, the government can give life to these sick unit which would help in uplifting trade and industry”

Published in The Express Tribune, April 10^th, 2014.

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