IT has major role in stabilizing economy: Governor SBP

Karachi: Governor of the State Bank of Pakistan (SBP) Jamil Ahmed has said that IT has a major role in stabilizing the country's economy. The balance of payments has improved due to the IT sector.

Addressing a ceremony in Karachi, he stated that three years ago, the economy faced major challenges, inflation, and external accounts were major problems.

He added that inflation in April was 0.3 percent, the lowest in several decades. We have made all payments.

Jamil Ahmed further said that debt has been reduced by $2 billion and foreign exchange reserves have been increased by $3 billion. Workers' remittances have increased by $8 billion, and 450 steering committee meetings have been held.

He also stated that a plan has been given to traditional banks to transition to Islamic banking, manpower is being trained, and a legal framework for Islamic banking has been provided.