Central bank should present true picture of economy:IWCCI


Islamabad(PR): Islamabad Women Chamber of Commerce and Industry (IWCCI) on Sunday asked the State Bank of Pakistan to present true picture of the economy and refrain from issuing political statements.
The statement of the governor of state bank regarding country’s debt-servicing capacity, remittances and exports are questionable at best, said Tabassum Anwar, Chairperson of IWCCI Standing Committee on Trade and Industry.
She said that confidence in the central bank is essential the smooth functioning of the financial system therefore job of issuing rosy statements should be left to the politicians.
Tabassum Anwar said that the governor of SBP has termed fall in remittances as temporary which is contrary to the ground realities as Brexit and situation in oil-rich kingdoms is not to change any time soon which are main source of remittances.
The central bank has reassured that exports will pick up as refunds have been ensured and energy as well as law and order situation has improved which is over optimism as assurance will not change the ground realities, she added.
The business leader said that all the sectors that are nevessary to boost reserves that include exports, remittances and investments are sliding therefore the claim of strong debt repayment capacity is amazing.
She said that if situation continued without any betterment, country will have to enter another IMF programme to retire debts as record borrowing has put strain on country’s financial health.
Our total debts and liabilities swelled to Rs 22.5 trillion with a net increase of over Rs2.6 trillion within one year which is worrying.