Financial market participants over the views on the upcoming monetary policy statement on January 22nd 2021 found that 75 percent expect no change in the policy rate in the upcoming MPS.
The State Bank of Pakistan (SBP) has decided to harmonize exports and imports data in collaboration with the Pakistan Bureau of Statistics (PBS) and the Federal Board of Revenue (FBR).
“Interestingly, the government’s full year target is $21 billion while the central bank expects remittance inflows ranging between $24 billion to $26 billion. The current run rate indicates that inflows may hit $28.4 billion,” said Aslam.
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.
“From Monday onwards, the central bank will initiate a new payment system called ‘Rast’, as we believe this a right way forward for the country,” said Kamil.
Kamil informed that the upcoming payment system has been implemented in advanced countries i.e. UK and Australia.