State Bank of Pakistan Governor Jameel Ahmad on Tuesday expressed his determination to address the issue of inflation and outlined a target of curbing it to a range of 5-7 percent over the course of the next two years.
Speaking at the inauguration ceremony of revealing the new banknote to celebrate 75 years of SBP’s founding, the SBP chief acknowledged the challenges faced by the central bank throughout its existence.
He emphasized the resilience and determination that have guided the institution through difficult times.
“As a result of this programme, we will see stability in the markets and it will have a positive impact on our foreign exchange reserves,” said Ahmad while talking to state-owned broadcaster PTV News.
“The IMF deal would help resolve these two issues.”
Addressing default rumours, the SBP chief maintained the reports were unfortunate.
On rupee-dollar parity, the official said the SBP has a stated policy on the exchange rate, under which market forces determine the rate of the currency.
“We expect flows to improve, which would have a positive impact. Meanwhile, the SBP would continue to monitor the situation,” he added.
Mr Jameel emphasized the State Bank’s dedication to financial stability, asserting that the current legislation aligns with international standards, making the SBP’s framework comparable to any central bank in the world.
He underscored the institution’s efforts to improve efficiency through automation, with special attention given to technological advancements.
