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Govt warned over borrowing

Inflation to skyrocket if not checked: Kardar
ISLAMABAD: Governor State Bank of Pakistan (SBP), Shahid H Kardar Friday urged the government to control its borrowing from the central bank so that inflation could be curbed.  “High inflation not only hurts the export cost of a country but also devalues local currency.”
He said this while addressing the concluding session of the two-day SBP workshop on macroeconomics for working journalists here at National Institute of Banking and Finance (NIBAF).
The workshop was organised by SBP for journalists of electronic and print media in which about 30 journalists representing various news organisations participated.
SBP governor stressed the need for organising similar workshops for journalists to make them fully aware of the SBP policies and develop more interaction with media persons regarding the policies of the State Bank for the development of national economy.  He was of the view that SBP cannot print notes for borrowing adding that he intends to do this exercise keeping in view national economy growth.
Kardar defended the bank’s monetary policy and added that increase in the interest rates were made according to economic situation of the country.  He maintained that if SBP closes its doors on the government and it starts  borrowing from the open market the interest rates could go even more higher than furthering inflation.
Earlier the senior officials of the bank in their respective presentations on, monetary policy, balance of payments, exchange rates, external debt, consumer protection, banking regulations of the SBP highlighted the policies of the central bank.
Later the governor distributed certificates among the participants.-APP


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