Financial literacy: SBP’s focused group to meet next month
Will aid economic development in country
FAISALABAD:
The State Bank of Pakistan (SBP) will organise sessions addressing financial literacy as well as monetary and economic issues, for sustained and scientific development in the country. In this connection, a meeting of a focused group of SBP Faisalabad will be held at the Faisalabad Chamber of Commerce and Industry (FCCI) next month, said SBP Faisalabad Chief Manager Aamir Aziz Bhatti.
While addressing the executive committee of the FCCI on Saturday, Bhatti underlined the importance of the role of business, trade and industry in overall national development and said that banks are making serious efforts to facilitate these sectors under the umbrella of the central bank.
He termed the private sector as an engine of the economic growth and said that we could earn much needed foreign exchange and generate taxes in addition to creating new jobs by developing small and medium enterprises on modern lines.
Responding to a question about the demand for further cut in discount rate, he said that it was directly linked with the overall economic condition and a holistic approach is imperative for its safe and economically feasible determination.
However, he assured to make serious efforts on his part by inviting policymakers to give a detailed briefing on this process to the business community of Faisalabad. He also quoted discount rate of 6% during 2006 and said that this facility was abused by the non-productive consumer sector.
Bhatti said that out of an approximate 180-million population, only 3.6 million have bank accounts and out of these some has two to three accounts. Thus the overall ratio of account holders is only 10%.
He said that average Pakistani has no sufficient knowledge of financial literacy and hence they develop negative perception about serious efforts made purely on scientific lines for the overall development of the economy.
Published in The Express Tribune, December 14th, 2014.
The State Bank of Pakistan (SBP) will organise sessions addressing financial literacy as well as monetary and economic issues, for sustained and scientific development in the country. In this connection, a meeting of a focused group of SBP Faisalabad will be held at the Faisalabad Chamber of Commerce and Industry (FCCI) next month, said SBP Faisalabad Chief Manager Aamir Aziz Bhatti.
While addressing the executive committee of the FCCI on Saturday, Bhatti underlined the importance of the role of business, trade and industry in overall national development and said that banks are making serious efforts to facilitate these sectors under the umbrella of the central bank.
He termed the private sector as an engine of the economic growth and said that we could earn much needed foreign exchange and generate taxes in addition to creating new jobs by developing small and medium enterprises on modern lines.
Responding to a question about the demand for further cut in discount rate, he said that it was directly linked with the overall economic condition and a holistic approach is imperative for its safe and economically feasible determination.
However, he assured to make serious efforts on his part by inviting policymakers to give a detailed briefing on this process to the business community of Faisalabad. He also quoted discount rate of 6% during 2006 and said that this facility was abused by the non-productive consumer sector.
Bhatti said that out of an approximate 180-million population, only 3.6 million have bank accounts and out of these some has two to three accounts. Thus the overall ratio of account holders is only 10%.
He said that average Pakistani has no sufficient knowledge of financial literacy and hence they develop negative perception about serious efforts made purely on scientific lines for the overall development of the economy.
Published in The Express Tribune, December 14th, 2014.