The Pak Banker - - FRONT PAGE -

Gover­nor, State Bank of Pak­istan (SBP) Ashraf Mehmood Wathra dur­ing in­ter­ac­tion with media af­ter flag-host­ing cer­e­mony at main SBP Build­ing here Fri­day, said for tak­ing more ben­e­fits from China-Pak­istan Eco­nomic Cor­ri­dor (CPEC) both the coun­tries should trade in their own cur­ren­cies.

He said Pak­istani banks have made ar­range­ments for the busi­ness­men to open L/Cs in China. To a ques­tion about de­val­u­a­tion of Chi­nese cur­rency, he said Chi­nese econ­omy has an ideal rate of growth and can easily ab­sorb the de­val­u­a­tion and that there will be still more ex­ports.

Re­fer­ring to next five-year fi­nan­cial strat­egy named SBP Vi­sion 2020 which he an­nounced at the na­tional flag host­ing cer­e­mony, the Gover­nor said the Cen­tral Bank has been mak­ing five-year fi­nan­cial strat­egy af­ter ev­ery 5years. But, he con­tin­ued, for mak­ing this plan more pro­duc­tive through its true im­ple­men­ta­tion SBP has in­cluded cer­tain safe­guards so that the five-year fi­nan­cial plan might not dis­turb with any change of SBP lead­er­ship over the pe­riod. "Last five year fi­nan­cial strat­egy also good but could not pro­duce the de­sired re­sult due to change of three SBP Gover­nors over the pe­riod," he elab­o­rated.

He said un­der the SBP Vi­sion 2020, the fo­cus would be on fi­nan­cial in­clu­sion. He re­gret­ted that of to­tal pop­u­la­tion of more than 180 mil­lion, only 34 mil­lion peo­ple are in­cluded in fi­nan­cial sys­tem.

How­ever, the launch­ing of branch­less bank­ing brought around eight mil­lion new ac­count hold­ers and more are ex­pected in the com­ing days.

He em­pha­sized the need for more ef­forts and in­cen­tives to en­cour­age the peo­ple for their sav­ings and be a part of the fi­nan­cial sys­tem. SBP Gover­nor urged the lo­cal media to be re­spon­si­ble while re­port­ing on eco­nomic and fi­nan­cial mat­ters of the coun­try.

"Some­times, we are em­bar­rassed abroad when we have to clar­ify neg­a­tive queries only be­cause of ir­re­spon­si­ble re­port­ing of our media," he con­tended.

He in­formed the media that SBP com­mu­ni­ca­tion team tries its best to for­ward in­for­ma­tion to media and the public in Urdu lan­guage. How­ever, this could not be done at a large scale as most of the ma­te­rial /in­for­ma­tion re­lated to econ­omy and fi­nance in the world is in English.

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