SBP issues annual report on state of economy

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KARACHI: The State Bank of Pakistan (SBP) on Wednesday issued the annual report on the state of economy here.

The report said:” Pakistan’s economy was well on course for a steady recovery on the eve of the Covid-19 pandemic.”

In an unprecedented move, the government was able to expand the volume and outreach of its social uplift programs, enabling over 14.8 million households to receive emergency cash transfers for meeting essential needs to date, the report added.

On the external front, the market-based exchange rate, introduced in May 2019, worked as a valuable shock absorber in the wake of Covid-19. For the first time in Pakistan’s history, the exchange rate depicted orderly two-way movement reflecting FX availability in the interbank market, it further said.