Pakistan’s biggest export manpower: SBP official

June 14, 2015 Off By Web Desk

KARACHI: “The biggest income-generating export of Pakistan is manpower. Remittances are higher than even textile exports,” said Senior Joint Director State Bank of Pakistan (SBP) Asma Khalid on Monday.

She rejected Federal Finance Minister Ishaq Dar’s claim that strengthening of rupees was due to their government’s economic policies.

“If we check his statement on facts then we will come to know that Pakistan’s economy had already started trending in positive direction,” she said while addressing a training workshop for journalists organized by SBP entitled ‘Understanding Macroeconomics, Financial Sector & Banking’ at SBP Central Directorate. Aim of the workshop was to educate about financial sector to promote economic reporting in Pakistan.

She explained how external sector developments can largely be observed through the balance of payments (BoP) data and what changes in BoP indicate for foreign exchange reserves, exchange rate stability and monetary policy. She also detailed about need of IMF with its implications for the economy in general and monetary policy in particular.

Chief Spokesperson SBP Abid Qamar talked about inflation and monetary policy. He said monetary policy is used to manage economy, however it has little role in directly increasing country’s economy as many other factors are also involved in it.

He said with the decrease in inflation, the incentives on investment and consumption were increased which attracted investment largely, while, when inflation increased, then they were compelled to impose disincentives on investment and consumption to try to somewhat stable the economy.

Additional Director SBP Mahmood-ul-Hassan described how monetary or fiscal policies affected the real sector.

Deputy Governor SBP Riaz Riazuddin earlier delivered a welcome speech as a chief guest, then Director Communication and Outreach IMC Worldwide Naseem-ur-Rehman shed light on importance of economic reporting in Pakistan.