Strong Banking System in Pakistan Must for Successful Economy 
Pakistan Times Business & Commerce Desk

ISLAMABAD: Prime Minister Shaukat Aziz on Monday said that a strong banking system is an essential ingredient for a successful economy.He was talking to Dr. Shamshad Akhtar, Governor State Bank, who called on him here at the Prime Minister House this afternoon.

The Prime Minister said the reforms undertaken in the banking sector during the last seven years have produced excellent results in improving service to customers, introducing new products, use of technology and catering to needs of all sectors including micro-finance, auto leasing, housing, industrial sector, SMEs and trade.

He said that the improvement in the banking system has encouraged several global banks to acquire Pakistani banks which augurs well for the country.

Governor State Bank, Dr. Shamshad Akhtar briefed the Prime Minister on the various monetary policy measures undertaken to control inflation which is showing a positive trend.

The Prime Minister said that controlling inflation and prices is essential so that the benefits of economic growth are transferred to the people.

He said in addition to the monetary policy, supply side measures and reforms have resulted in reduction of prices of cement, LPG, sugar, ghee and pulses and the government is keeping a close watch on the prices of every day use.

The Governor State Bank also updated the Prime Minister on the developments in banking system, the operations of State Bank, growth in foreign exchange reserves and the stability in exchange rate.

The Prime Minister complimented Dr. Shamshad Akhtar for making the State Bank an effective regulator and an important part of the overall economic management team of the government.●