Lahore Chamber of Commerce and Industry President Kashif Anwar expressed concern about the potential negative consequences of a recent statement made by the State Bank of Pakistan (SBP) Deputy Governor that deposits only up to 500,000 rupees have legal cover. LCCI President emphasized that while the statement may have had a different intended purpose, it has inadvertently created ‘fear’ among the Pakistani population. Kashif Anwar reassured the public that there is no reason to worry about the stability of the economy and that no banks are at risk of defaulting. He stressed the need for a more constructive approach, calling for changes in laws that obstruct the process of documentation. LCCI president underscored the importance of responsible communication in financial matters and advocated for necessary legal reforms to facilitate documentation and financial stability in Pakistan.

 Credit: Independent News Pakistan (INP)