ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday formed a high-level committee to promote cashless economy and speed up the process of digitisation.

The committee, chaired by the prime minister himself, will review the progress and initiatives related to the promotion of digitisation and cashless economy on a weekly basis.

Chairing a meeting in this regard, the prime minister directed the authorities concerned to encourage digital money transfers and payments through policy initiatives.

He said the government was also taking steps to discourage the informal economy and promote digital transactions for shopping and money transfers.

`During the holy month of Ramazan, the transfer of funds to rightful beneficiaries through digitalwallets was ensured in a transparent, efficient and effective manner,` the prime minister said.

He said the use of digital wallets ensured that beneficiaries received their rightful assistance without any human interference, allowing for a transparent distribution of aid.

The prime minister highlighted that the inflation rate reduced and the foreign remittances increased due to the improvement in the country`s economy.

`Bullish trend in the stock market reflects the investors` trust in the government policies,` the prime minister said, adding that by the grace of Allah Almighty, the government`s economic teams` efforts were yielding fruits.

The meeting was informed that the traders were given instructions regarding digital payments and transfers of money through digital means.