ISLAMABAD (APP) - Governor State Bank, Saleem Raza on Wednesday informed the Senate Standing Committee on Finance that government would introduce "telephonic banking system" for overseas Pakistanis to encourage and promote remittances for the economic development of country. The Committee presided over by its Chairman Senator Ahmed Ali noted that the recommendations of the committee were not fully implemented by the former SBP Governor. The meeting was attended by Senators Asif Jatoi, Muhammad Amin Dadabhoy, Haroon Khan, Nisar A Memon, Dr.Khalid Mahmood Soomro, Dr.Safdar Ali Abbasi, Secretary Finance Dr.Waqar Masood Khan and Governor SBP Saleem Raza. Senator Ahmed Ali called upon the authorities of the Ministry and the SBP to ensure the implementation and incorporation of the recommendations being given by the members of the committee. The Senators on the occasion observed that prices of the petroleum products in the international market have come down to lowest level of $40-45 per barrel from $147 but the real relief was not passed on to the domestic consumers. They also expressed their concerns over the high interest rates to the borrowers and called for promotion of National Saving Schemes and providing its benefits to the deserving customers. State Bank of Pakistan (SBP) briefed the Committee and its members on the "State of Pakistan's Economy". He said that the telephonic bank system would facilitate the families of the overseas Pakistanis and it would also discourage the sending of remittances through unofficial channels like " Hundi system". It would also help building of the foreign exchange reserves in the country. He said that it is the policy of the SBP that it should on one side regulate the economy and promote the economic growth on the other side. Saleem Raza also informed the Committee that a new law is on cards with focuses on its activities adding said that the Bank should be proactive in its policies. Saleem Raza said that autonomy of the bank is in the process. He informed the Committee that Foreign Exchange Reserves (Forex) held by the SBP would be increased to $10b till June 2009. He also informed the Committee that the Current Account Deficit(CAD) in Financial year 2008 reached an all time high of US $ 14.0 billion more than double of US $ 6.8 billion recorded in FY 07 or 8.4 percent as compared to 4.8 percent last year. He called for development of the capital market for the benefit of the country. He said that fiscal deficit in the Financial year 2008 was 7.4 percent and SBP has projected the deficit of 4.3 -4.8 percent in the FY 2009. Similarly CAD for the FY 2008 was 8.4 percent and the target for FY 2009 is 7.2 percent. However the SBP projected a decline of 6.8 percent in FY 2009. Workers Remittances in FY 2008 stood at US $ 6.5 billion and in FY 2009 these are projected at US $ 7.7 billion. Secretary Finance Dr.Waqar Masood told that Committee that total Foreign Exchange Reserves have risen to US & 10.6 billion out of which SBP has US $ 7.3 billion while other banks are holding US $ 3.3 billion. He informed them that government has taken a number of measures for the stabilization of the national economy. Dr. Waqar Masood said that government has initiated 3-year Medium Term Framework for the ministries in order to create fiscal space through rolling budget for the benefit of the people. He told them the Debt to GDP ratio would be brought down to 50 percent. He also informed them that target of tax revenues would be increased from Rs.1250 billion to Rs.1360 billion. He said the FBR has realized a revenue of Rs.581 billion in the first half of the current financial year.