‘SBP to launch web portal to redress bank-related complaints’

FAISALABAD: Inflation has been reined in and will further decrease while other economic indicators are also expected to improve in the coming months, said Saleem Ullah, Deputy Governor State Bank of Pakistan (SBP).

Addressing the business community in Faisalabad Chamber of Commerce & Industry (FCCI), he said that although inflation is in declining mode but it is still high and hence the policy rate has been kept unchanged.

He said that PSX has recorded robust activity which would also have salutary impact on other sectors. He categorically denied that SBP has claimed any quota restrictions on imports. “It is the contention of the banks”, he said and added that forcing importers or exporters to open new accounts is tantamount to cheating and this issue would be resolved in consultation with the stakeholders by formulating short and medium-term strategies.

He further said that SBP was launching a web portal under the title of “Shunwai” to redress bank-related complaint instantly. He said that withholding the payments of importers without transferring it to the concerned departments is a serious issue and SBP would look into it.

He was perplexed over the delay in the import of IT-related equipment and appliances and said that the government is trying to encourage IT and hence the import of computers should be given priority.

Responding to a question about small traders, he said that under the Prime Minister’s Youth Program, people up to the age of 45 years could get Rs 5 lacs as interest-free loan. He said that the bank was also trying to facilitate the exporters so that they could earn maximum dollars for the country.

Earlier Dr Khurram Tariq President FCCI welcomed the Deputy Governor SBP and said that steps should be taken to fully exploit the potential of Faisalabad. He mentioned his reservations about repatriation of foreign proceeds within 120 days and said that exporters may be given relaxation in this regard.

He said that we should come out of the myth of the IMF conditionalities and said that in Bangladesh, commercial banks have been directed to provide funds to the exporters at subsidized rates and Pakistan should also follow the pursuit.

Copyright Business Recorder, 2023