Dr Reza Baqir, the governor of the State Bank of Pakistan (SBP) announced on Friday that the central bank plans to make one million new merchants in 2020. A micro-payment gateway is in making which would provide facilities to the people performing finance-related duties.
Dr Reza Baqir has unveiled that the central bank will further strengthen its legal network. The Governor SBP said in a statement that keeping money in financial system is more secure medium as compared to any other system, and the State Bank of Pakistan (SBP) is running an awareness campaign about it.
SBP will further strengthen its legal network
He expressed hopes that the sector will grow in the next three years, whereas, provincial and federal governments will be briefed over it. The governor highlighted that cybersecurity issues exist in a digitalized system.
He further said that the central bank will strengthen its legal network. “All stakeholders will have to joint follow the strategies while an easy and less cost-effective mechanism will be designed to provide database access to the new companies”.
The governor SBP said that Prime Minister Imran Khan has given approval to the demands tendered by the central bank for making improvements and simplification of financial matters.
It may be noted here that the SBP governor Dr Reza Baqir had met Prime Minister Imran Khan on Thursday, where he has given a briefing over the current economic situation. They exchanged views on the latest economic situation.
The SBP governor briefed the premier regarding the matters related to the central bank and financial affairs, whereas, they both discussed the foreign reserves and stability of the national currency against the US dollar.
Sources privy to name said that SBP Baqir has also apprised Prime Minister over the financial strategies to control interest and inflation rates.