KARACHI: The Governor of State Bank of Pakistan (SBP), Ashraf Mahmood Wathra, has said that the oil price in the international market is expected to remain around dollars 52 per barrel in the year 2017. However, there would be no adverse impact on the country's economy.
During a news conference here on Saturday, he said that these prices were up to $ 41 in the previous year.
However, the government did not increase the prices domestically in that very proportion.
The SBP Governor was of the view that the imports should be viewed in a positive manner as these would spur economic activities.
He said that there is increase in borrowing from the banks in industrial, auto and consumer credit sectors which will result in exports to some extent.
The Governor SBP said that the private sector was also coming up with investments.
With regard to some reports pertaining to smuggling of foreign currency, he said that we are in contact with the organizations concerned for keeping a check.
To a question, he said that there is no move to ban the Rs. 5,000 currency note which is faring well.
The SBP Governor said that the overall volume of country's borrowing was to the tune of Rs. 20.8 trillion.
He also called for enhancing the country's exports. Steps are being taken to reduce the difference between interbank and open market dollar rate.
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