Had to make bitter decisions but bearing fruit now: SBP Governor Dr Reza Baqir

KARACHI: The governor of the State Bank of Pakistan (SBP), Dr Reza Baqir, said Friday the country's leadership had to make bitter decisions but the people were bearing the fruit now.

Speaking during an address at the Federation of Pakistan Chambers of Commerce & Industry (FPCCI), Dr Baqir said a stage-wise improvement was happening.

Income in the country needed to be increased to boost progress, he said, adding that everyone should play their part and heed their responsibilities.

The SBP governor underscored that the world was trusting Pakistan, and that, although the government had to make some bitter decisions, the contry was now bearing the fruit.

Dr Baqir highlighted that Pakistan's foreign exchange reserves were rising — albeit slowly. The country has already prepared for the concerns and fears in the global market, he explained.

On tax and collections, the SBP governor reiterated that everyone should come into the tax net and that those who do not pay taxes were oppressing the taxpayers.

New banknotes with Dr Baqir's signature

Separately, a statement issued by the SBP said it would start issuing banknotes with Dr Baqir's signature starting Friday (August 30) from its field offices.

The banknotes bearing the signatures of his predecessors, however, would continue to remain in circulation as legal tender, the statement added.