SBP Governor Dr. Reza Baqir's 3-Year Term Saw Expansion & Modernization of Financial Services in Pakistan
Pakistan's chief central banker Dr. Reza Baqir's 3-year term saw a broad expansion and modernization of the nation's financial services industry. The impact of Baqir's policies can be seen in multiple sectors including agriculture, housing, manufacturing, exports, financial digitization and record-high investments in technology startups . Supported by Dr. Baqir's accommodative monetary policy during the COVID19 pandemic , Pakistan poverty headcount, as measured at the lower-middle-income class line of US$3.20 PPP 2011 per day, declined from 37% in FY2020 to 34% in FY2021, according to the World Bank's Pakistan Development Update 2022 released this month. The report said Pakistan's real GDP shrank by 1% in FY20, followed by 5.6% growth in FY21. Pakistan’s economy created 5.5 million jobs during the past three years –on an average 1.84 million jobs a year, which is far higher than yearly average of creation of new jobs during the 2008-18 decade, according...