As the third wave continues to disrupt economies worldwide, Pakistan’s economy has a lot going on in its favour this time, according to the Dr. Raza Baqir, Governor of the State Bank of Pakistan (SBP) in an online session with Nest I/O.
Dr. Raza Baqir explained how the country’s demographic profile, growing mobile penetration rate, and positive economic indicators, especially during the COVID-19 pandemic, have contributed to an increase in investments.
Use of cash promotes informal economy and helps illegal activities, on the other hand by using the Raast one is doing the right thing by transacting using formal digital Financial Service and contributing to Pakistan's economy.
SBP along with Karandaaz Pakistan has developed this new system for processing instant payments.
The Prime Minister in his address said a cash-based economy is the biggest hurdle in tapping the true potential of Pakistan.
The country’s central bank head in the State Bank of Pakistan Annual Report FY20 was of the view that despite numerous challenges during FY20, Pakistan’s economy performed relatively better, particularly on the external and fiscal fronts.