QUETTA -  State Bank of Pakistan (SBP) Governor Ashraf Mahmood Wathra has directed the banks, operational in Balochistan, to promote banking credit services and grant loans for encouraging business activities in the province.

The SBP governor said, “All banks have decided to establish 70 new branches in far-flung districts of Balochistan including Quetta and this initiative will boost job opportunities for the people.” He also revealed that very less number of banks will be set up in Quetta while priority will be extended to far-reaching areas of the province.

While talking about countrywide financial campaign, the SBP governor said that a financial campaign will soon be launched whose debut ceremony will be initiated from Balochistan provincial capital Quetta.

Highlighting the leading purposes of forthcoming financial campaign, Wathra said the campaign would play a vital role in ensuring women empowerment in the society. Under the campaign, loans will be granted to skilled women for business purpose, he added.

He said that banking system was not lucrative in meager populace areas, for that reason branch-less banking digital system was being introduced therein. He further said that a number of complaints have been received regarding PM Youth Loan Scheme due to which an audit team has been constituted to evaluate the challenges faced by youth while seeking loan.

On accord with Iran, the SBP governor said that the SBP will soon clinch a deal with Iranian Central Bank and this headway will certainly bring considerable reduction to problems confronted by exporters of both countries.

He said the monetary policy is heading toward right direction and reasonably the value of Pakistani rupee has strengthened from last four years period. He added the inter-market interest rate and policy rate were comparatively smaller than 2013, the policy rate earlier was 10 percent while it has now dwindled to 5.75 percent, the prior inter-bank interest was 8.2 percent while it has now descended to 7 percent and this is the minimum level of 50 years history. The SBP governor also clarified that there is no plan to end Rs5000 note at the moment.