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Pakistan’s Central Bank Calls India’s Cash War ‘Extreme’

  • Governor Wathra wants to double Pakistanis using banks by 2020
  • State Bank sees FY16 current account gap at 1.5% GDP
Ashraf Mahmood Wathra. Photographer: Asim Hafeez/Bloomberg

Ashraf Mahmood Wathra. Photographer: Asim Hafeez/Bloomberg

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Pakistan’s central bank Governor Ashraf Mahmood Wathra called India’s shock clampdown on cash an “extreme” step to boost financial inclusion, tax collection and battle graft, as the neighboring nation implements its own plans to double the number of people using banks within four years.

“To my imagination that is a very, very extreme measure,” Wathra, 61, said in an interview after speaking at a Bloomberg forum in Karachi on Wednesday. “It’s the enabling environment which has to get better in the economy.”