SBP to establish satellite office in Larkana, Shamshad tells LCCI

Friday, November 28, 2008By our correspondentLARKANA: Governor State Bank of Pakistan (SBP) Dr Shamshad Akhtar addressed members of the Larkana Chambers of Commerce and Industry (LCCI) at the Circuit House, Larkana, on Thursday.

Officers of various banks and senior citizens were also present on the occasion. She told the audience that the State Bank had proposed allocation of Rs 212 billion to finance the countryís agriculture so that production objectives could be achieved. She pointed out that borrowing in Sindh remained low as compared to other provinces.

While saying that Larkana was an important city, she announced that the SBP would establish its satellite office here for providing better services and opportunities to trade and agriculture sectors. Dr Shamshad Akhtar said the SBP was running 16 offices in the country under the direction of three governing members for restructuring the non-performing loans and remove deficiencies to improve services and quality of large, medium and small banks, including the Islami Bank and micro finance banking.

She said micro-financing could be a good partner in attempts for poverty alleviation programme through credit schemes. She said the banks had been directed to issue credit to industries, traders, growers, small groups and to common man in Larkana, as this area was fertile and produces wheat, rice, guava and vegetables. She told the audience that the SBP had drawn friendly bank policies for all segments of the society. She pointed out that the economy of Pakistan was not balanced, the rate of inflation was high and the government was making efforts to overcome these problems.

Shamshad said the agriculture chambers of commerce should hold dialogue with farmers and growers of Larkana to apprise them of the latest developments. She said despite inflation in the country and economic imbalance, the IMF had sanctioned and released credit to support and build our forex reserves. She directed the banking sector to issue maximum credit to borrowers and facilitate them under economic reforms. She said some existing banks are already healthy and are offering viable business opportunities to run and operate businesses. Earlier, the President of the LCCI, M Suleman Sheikh, and president-elect Masood Ahmad Sheikh read out welcome address and offered gifts of Sindhi Ajrak to the SBP governor.