Collaboration amongst D-8 central banks stressed
LAHORE: State Bank of Pakistan (SBP) Governor Yaseen Anwar has stressed the need for continued collaboration amongst the D-8 central banks to strengthen regional economies.
He said that macroeconomic policies of D-8 countries must be balanced to check overheating pressures from strong recovery, high credit growth, volatile capital flows, elevated commodity prices, and renewed risk of inflation. While chairing the second meeting of Central Bank Governors of D-8 countries economies on economic and financial cooperation,” he added.
He suggested that D-8 countries must collaborate and focus on optimal use of monetary policy tools which are at best the first line of defence against the global crisis. The D-8 countries must collaborate on how to rebalance its growth model from exportled growth to diversifying demand through structural changes in their economies that will enable sustainable future growth and make their economies less susceptible to volatility in other financial markets, particularly by raising domestic demand and recycling more of the D-8 countries savings into investments at home.