Karachi: Governor of the State Bank of Pakistan Raza Baqer has named the housing and construction sectors as key drivers of economic recovery.
To ensure economic recovery and stimulate related activities, the central bank and government have introduced incentives and policies for commercial banks, developers, and builders in housing and construction center.
Furthermore, there was a positive trend in steel sales, with cement sales hit a record after Prime Minister Imran Khan presented a package of construction measures to stimulate the economy, SBP Governor added.
According to the Pakistani Statistics Office (PBS), the construction sector recorded an increase of 8.1 percent in the last fiscal year, while in fiscal 2019 it declined significantly by 16.8 percent.
“There is a healthy recovery in housing and construction center, with more than $ 1 billion in new investments over the past four months,” added SBP Governor Reza Baker.
Earlier, the SBP’s Monetary Policy Committee (MPC) reserved its interest rate unaffected at 7% for the next two months as domestic activity displayed positive momentum despite the COVID-19 outbreak.
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