Sections of the media presented wrong picture of the economy : SBP Governor

Lahore : Governor, State Bank of Pakistan, Ashraf Mehmood Wathra showed his confidence that the economy of the country was moving on right direction and the loan from International Monetary Fund (IMF) will be repaid on the schedule.

Briefing media here at State Bank’s Head Office, SBP Governor said the foreign exchange reserves of the country were at its heights.

He regretted that certain sections of the media had presented wrong picture of the country’s economy and had given impression of decrease in exports by taking into account only the exports figures of July 2016. This is not fair.

This is against ethics of media and the law, he commented. He explained that the exports proceeds in July 2016 remained low due to public holidays of Eid ul Fitr. However, he said, the total figure of the exports for 2015-16 was much better.

He attributed the decline in the exports to the global recession. The exports of other countries of the region including India, Indonesia, Malaysia had also dropped.
He informed the media that more efforts were being taken to boost exports of the country.

The Governor SBP said that an international journal and the rating agencies had praised the economic progress made in Pakistan. SBP Chief said the restoration of peace and security was one the factors behind the improvement in economic situation. He said the inflation rate had came down and the economic growth had enhanced.