Islamabad: Governor State Bank of Pakistan Jamil Ahmed has said that the country’s banking system has established a strong financial foundation in the last ten years, but this improvement could not play the role that was needed in increasing economic activities and employment opportunities.
Addressing a function, he said that the assets of the country’s banks have increased significantly over the past decade and the overall financial position of the institutions has improved. He said that this strength reflects the stability of the banking sector.
Jamil Ahmed said that banks are earning profits but this profit is not translating into the overall improvement of the economy. According to him, the focus of the banks is still on the government’s budget financing, which limits the access of loans to the business class and the industrial sector.
He stressed that if the banking sector shifts its strategy towards economic growth and employment generation sectors, the country’s economy can give better results.
