Karachi, August 14, 2023: On the occasion of Pakistan’s 76th Independence Day, a flag hoisting ceremony was held in the State Bank of Pakistan (SBP) headquarter at Karachi.
The ceremony was attended by the senior management of the Bank and a large number of SBP officials along with their families and commenced with the hoisting of the National Flag by the Governor SBP amid the playing of the national anthem by a band of Pakistan Navy.
Addressing the ceremony, the Governor SBP, Mr. Jameel Ahmad paid rich tributes to Quaid-e-Azam Muhammad Ali Jinnah and his companions who despite adversities, led the freedom struggle and won an independent state for Muslims of the subcontinent.
He recalled the hostile circumstances the nascent state of Pakistan endured during its initial days and how it made to rely on others in order to perform financial and banking activities.
These unfavorable circumstances eventually culminated in the establishment of the State Bank of Pakistan (SBP) for the economic independence of the country.
Governor Mr Jameel Ahmad while addressing the gathering recounted the extraordinary achievements of the central bank during the last 76 years; chief among them was gaining the confidence of Pakistanis.
Following the best international practices, the Monetary Policy Committee of the SBP is now an independent forum that decides about the monetary policy, keeping in view medium-term inflation targeting and the country’s economic conditions.
SBP also keeps the abreast Parliament of its targets and activities through annual and bi-annual reports since it is accountable to the people’s parliament and public.
Besides, it also issues a Financial Stability Review (FSR) that highlights the main risks facing the financial system and assesses the resilience of the financial system to those risks.
Mr. Ahmad highlighted that the world economy remained under pressure in the near past which also resulted in an increase in inflation in Pakistan. These conditions were further aggravated due to floods and delays in the IMF program review.
Governor SBP, Mr. Jameel Ahmad, said that the nine-month Stand-by Arrangement (SBA) agreed with the IMF has improved foreign reserves of the country and largely resolved near-term issues pertaining to the external sector of the economy.
Governor State Bank observed that the SBP was making significant strides toward Digital Banking, Green Banking, and Islamic Banking. He specifically mentioned issuing a Licensing and Regulatory Framework for Digital Banks in line with international best practices, the growth of fintech, and practical efforts for the transformation of the banking system into Shariah-compliant banking.
Mr. Ahmad also termed the development of the next Strategic Plan, improvement in liquidity management, and Shariah Governance framework under the third five-year Strategic Plan of the Islamic banking industry.
On this occasion, a special exhibition of Pakistani Postage Stamps titled ‘Pioneers of Freedom’- a series by the renowned artist Mr. Saeed Akhtar-was arranged in the SBP Museum. The exhibition portrayed the pioneers of the freedom struggle who rose against foreign rule and bravely led the freedom movement.
Mr. Ahmad also inaugurated display of a small scale cultural dioramas (working 3D Models with sound and movement) prepared by a respected artist Abdul Kareem Solangi (Pride of Performance), representing different cultural aspects of Pakistan. Governor SBP and other dignitaries took a keen interest in the photographs and extolled the work of artists.
