SBP to strengthen its legal network, says Baqir

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KARACHI

Dr Reza Baqir, the governor of the State Bank of Pakistan (SBP), has unveiled that the central bank will further strengthen its legal network.

Dr Reza Baqir said in a statement on Friday that keeping money in a financial system is more secure medium as compared to any other system and the SBP is running an awareness campaign about it.

He expressed hopes that the sector will grow in the next three years, whereas, provincial and federal governments will be briefed over it. The governor highlighted that cyber security issues exist in a digitalised system. He further said that the central bank will strengthen its legal network.

Baqir announced SBP will make 1 million new merchants in 2020. A micro-payment gateway is in making which would provide facilities to the people performing finance-related duties.

“All stakeholders will have to joint follow the strategies while an easy and less cost-effective mechanism will be designed to provide database access to the new companies.”

The governor said that Prime Minister Imran Khan has given approval to the demands tendered by the central bank for making improvements and simplification of financial matters.

It may be noted here that the SBP governor Dr Reza Baqir had met Prime Minister Imran Khan on Thursday-last where he has given a briefing over the current economic situation.

They exchanged views on the latest economic situation. The SBP governor briefed the premier regarding the matters related to the central bank and financial affairs, whereas, they both discussed the foreign reserves and stability of the national currency against the US dollar.

SBP Baqir has also apprised Prime Minister over the financial strategies to control interest and inflation rates.

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