Pakistan's central bank urges innovative strategies to resolve economic issues

Islamabad, Aug14 (IANS) State Bank of Pakistan Governor Jameel Ahmad on Wednesday stressed the need for adopting new and innovative strategies to resolve perennial economic issues in the country.

The central bank is particularly addressing challenges in the context of digital innovations and emerging cybersecurity threats, reports Xinhua news agency, quoting Ahmad.

He urged the banking industry to upgrade their systems to enhance cybersecurity and inform their customers in advance to protect their credentials from potential fraudsters.

The Governor also pointed out that inflation had significantly decreased to 11.1 per cent in July this year, down from 28.3 per cent in July 2023.

He said that the situation regarding foreign reserves has improved, with reserves rising to $9.3 billion despite ongoing debt repayments.

There have been no import restrictions, and information technology exports have risen significantly, he said, emphasising that these improvements bode well for the country's economy.