KARACHI: The Governor of the State Bank of Pakistan Jameel Ahmad has said that the inflation rate in the country may rise to around 7 percent in the coming months. However, he expressed hope that inflation would begin to decline during the second half of the next fiscal year as signs of economic stability continue to emerge.
In this regard, Karachi Chamber of Commerce and Industry in Karachi, Jameel Ahmad stated that Pakistan’s economy recorded a growth rate of 3.7 percent during the first nine months of the current fiscal year. He said the economy was gradually moving towards stability despite ongoing financial challenges.
The State Bank governor noted that inflationary pressures could remain high in the near future due to both domestic and international economic factors. Nevertheless, he added that improving economic indicators suggested a positive direction for the country’s financial outlook.
Jameel Ahmad said that the central bank had set a target to increase financing for small and medium-sized enterprises (SMEs) to Rs1,500 billion by June 2028. He emphasized that strengthening the SME sector was essential for economic growth, job creation, and industrial development.
He further stated that the overall volume of loans in the country had increased. The governor also mentioned challenges facing the export sector. He explained that one of the major reasons behind the decline in exports was the uncertain global economic situation.
He added that the export target for the current fiscal year had fallen short by nearly Rs2 billion. Jameel Ahmad also informed participants that work on the design and preparation of new currency notes was continuing. He said the process of obtaining government approval for the new notes was in its final stages.
