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SBP to strengthen its legal network: Reza Baqir

SBP to strengthen its legal network: Reza Baqir

KARACHI: State Bank of Pakistan (SBP) Governor Dr Reza Baqirhas unveiled that the central bank will further strengthen its legal network, according to media on Friday.

Dr Reza Baqir said in a statement that keeping money in a financial system is more secure medium as compared to any other system and the State Bank of Pakistan (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 cybersecurity 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 (yesterday) 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.

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