State Bank of Pakistan (SBP) Governor Jameel Ahmad said that the country's foreign currency reserves had witnessed an increase, while the overall business environment had remained conducive to economic growth.

Speaking to media on Thursday at the Multan Chamber of Commerce, Ahmad said: "An improvement in exchange rates had been observed as a result of these positive economic developments."

He further announced an expansion in the credit limit of the Prime Minister’s Youth Scheme, stressing that the initiative had not been launched without thorough planning.

“We did not draft the scheme on blank papers, but banks require some time for implementation,” said Ahmad.

He revealed that the credit limit for small businesses had been set at Rs100 million, alongside a relaxation in regulatory conditions imposed by the central bank.

Ahmad disclosed that the current policy rate stood at 12 per cent. He underscored the urgent need to promote new products to enhance exports.

“We must increase exports by introducing new products and addressing the concerns of large-scale farmers and exporters,” he stated.

Addressing issues related to Letters of Credit (LC) for imports, he urged businesses to inform the central bank if any problems persisted, while confirming that the SBP had begun phasing out financing schemes.

Ahmad said, "The discussions often served as a means to resolve economic issues. The conditions in 2022 had been particularly challenging."

He asserted that the SBP had maintained a strict monetary policy with the objective of strengthening the economy.

Expressing gratitude to the Multan Chamber of Commerce for its invitation, Ahmad recognised its pivotal role in addressing commercial concerns.

He highlighted the importance of policy reforms to address economic challenges and advocated for frequent forums to discuss key issues.

The SBP governor acknowledged that Pakistan, like the rest of the world, had faced economic challenges during the COVID-19 pandemic.

He reaffirmed the central bank’s commitment to provide maximum support to exporters and ensuring a stable economic outlook.