LCCI president raises concerns over SBP’s Deposit statement impact.

The President of the Lahore Chamber of Commerce and Industry (LCCI), Kashif Anwar, has voiced his apprehension regarding the potential adverse implications of a recent statement issued by the Deputy Governor of the State Bank of Pakistan (SBP). The statement clarified that deposits of up to 500,000 rupees are legally covered.

While acknowledging that the SBP’s statement may have had a different intended purpose, Kashif Anwar highlighted its unintended consequence of instilling ‘fear’ among the Pakistani populace.

In an effort to allay these concerns, Anwar assured the public that there is no cause for alarm regarding the stability of the country’s economy, emphasizing that no banks are currently at risk of default.

He further stressed the necessity of adopting a more constructive approach to address these issues and called for legislative reforms to remove obstacles hindering the documentation process.

The LCCI President emphasized the critical importance of responsible and transparent communication in financial matters and advocated for essential legal reforms that would streamline documentation procedures and enhance overall financial stability in Pakistan.