State Bank of Pakistan Governor Jameel Ahmad has said that there is no issue regarding the rollover of two billion dollars from the United Arab Emirates, and that dollar deposits from friendly countries will continue to be rolled over until September 2027.
During a meeting with senior journalists at the State Bank head office in Karachi, Governor Jameel Ahmad said that Pakistan has already paid 6 billion dollars in external debt and interest, and that complete arrangements are in place to pay another 4.5 billion dollars during the remaining months of the current year.
He said strict action has been taken against dollar money laundering and smuggling. According to him, money changers were a major problem in the country; exchange companies were shut down, and now only 26 exchange companies remain.
The SBP governor said Pakistan’s economic indicators are expected to improve further over the next two years. He said the perception that the government fully benefits financially from lower interest rates is not entirely correct, and that banks have been clearly instructed not to allow trade-based money laundering.
Jameel Ahmad said the government has been provided with an Islamic banking model based on Malaysia’s system. The government has been advised to create an asset pool and raise loans by issuing Sukuk bonds. He added that an increase in the limit of the Mera Ghar Mera Aashiyana scheme is expected in the upcoming budget.
He said new currency notes with redesigned features will not be available by Eid. While the cabinet has the designs, printing will take time after approval. He also said that major banks from three countries have expressed interest in opening banks in Pakistan, and that remittances could reach 42 billion dollars during the current fiscal year.
