Pakistan’s economy is recovering with a great pace and once again our foreign reserves have reached a sound level: Ashraf Mahmood Wathra

Islamabad, March 17, 2014 (PPI-OT): Mr. Ashraf Mahmood Wathra, Acting Governor, State Bank of Pakistan has said that Pakistani economy is recovering with a great pace and once again our foreign reserves have reached to a sound level which gives confidence to business community and general public. This he stated while visiting to Islamabad Stock Exchange (ISE) today.

The Governor was briefed by the Managing Director, ISE, Mian Ayyaz Afzal, at length about the performance of the capital market in general and ISE in particular. The MD also highlighted demutualization scheme and its benefits to the exchanges including enhanced good governance and more transparency and efficiency in the system.

Mian Ayyaz said that strengthening of local currency is one of the indications that show the better performance of the current government. He said stock market was also expecting bold economic steps by the present government including privatization of white elephant units. MD appreciated the wise monetary policies of the central bank.

The Board members have a constructive dialogue on the current economic situation and the future prospects of the stock market and economy with Mr. Wathra including listing and trading of proposed Government Debt Securities at ISE. Mr. Wathra said that the stock market of the country showed a remarkable performance in last 5 years and is in a top three best performing markets of a region from last three years with a tremendous growth of indices.

He further added that as the Pakistani markets are on its highest level ever since partitioning of Pakistan but still stocks are cheap and there is a lot potential in a market and we are expecting that market will set some new levels as the economic indicators are in support of it.

The Governor was of the view that the regulators are already serving at their best but there is a need to have liaison between them and there is a dire need to have an interaction of the regulator with the business community for better results through abridging the gaps.

He further said that the banks are fundamentally very strong and well poised to grow in the future. He further said that the current government is doing their best and making efforts to address and resolve the major issues which will start a new era of development.

Mr. Zahid Latif khan, Director ISE at the occasion said that ISE fully endorses the efforts of SBP and Government of Pakistan for the overall improvement of the economy in general and capital market in particular. He said that ISE is pleased to offer its services to SBP for any activity that may add to betterment of the economy of the country.

For more information, contact:
Usman Rashid
Incharge – Investor Relations
Islamabad Stock Exchange Limited
ISE Towers, 55-B, Jinnah Avenue,
Islamabad-44000, Pakistan.
Cell: +92-0321-5889131
Phone: +92-51-111-473-473
Fax: +92-51-111-473-329