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KARACHI, August 15, 2026: State Bank of Pakistan (SBP) Governor Jameel Ahmad has highlighted Pakistan’s progress toward economic stability while stressing the need for continued reforms, stronger institutions and economic discipline to achieve sustainable growth.
Speaking at the flag-hoisting ceremony held at SBP Karachi to mark Pakistan’s 79th Independence Day, Governor Ahmad said prudent fiscal and monetary policies had helped strengthen economic stability during the past year. He noted that Pakistan was gradually moving from stabilisation toward sustainable economic growth.
Governor Ahmad said average inflation stood at 7.1 percent during FY26, while the SBP considers the current monetary policy stance appropriate to keep inflation within the medium-term target range of 5–7 percent. He added that the policy framework also provides room for economic activity, investment and job creation.
Pakistan’s economic growth reached 3.7 percent in FY26, according to the governor, who expects growth to remain between 3.5 and 4.5 percent in FY27.
Highlighting improvements in the external sector, Governor Ahmad said overseas Pakistanis demonstrated confidence in the economy through record remittances. Remittances exceeded $41 billion in FY26 and are projected to reach $44 billion in FY27.
He said rising remittances, combined with a low current account deficit, had helped strengthen Pakistan’s foreign exchange reserves. The country’s reserves reached $18.4 billion by the end of FY26 and are expected to exceed $21 billion during FY27.
The SBP governor also outlined key measures taken to modernise Pakistan’s financial system. He said the successful launch of PRISM+ had brought the country’s payment infrastructure closer to international standards by making large-value payments and settlements faster, safer and more efficient.
Digital payments have also recorded significant growth. Governor Ahmad said retail digital transactions increased from around 10 billion to 12 billion during the past year. He described the rise as an important step toward building a more documented, transparent and efficient economy.
On financial inclusion, he said the SBP remained committed to expanding access to formal financial services across all segments of society. He highlighted the launch of InvestPak, which provides the public with convenient, secure and transparent investment opportunities.
Governor Ahmad also pointed to SBP’s continued efforts to promote Islamic banking, green finance, cybersecurity and financial technology, saying these areas are essential to building a secure, resilient and future-ready financial system.
He stressed that economic self-reliance, strong institutions, the rule of law and national unity are essential to achieving the true spirit of independence. While acknowledging the progress made during the past year, he said Pakistan still faces challenges that require continued commitment and determination.
Looking ahead, the SBP will focus on maintaining price stability, advancing policy reforms and creating an environment that supports higher productivity, export growth and job creation. Governor Ahmad said these priorities would help transform economic stability into sustainable development and lay the foundation for a stronger and more prosperous Pakistan.
The governor also appreciated the dedication and professional efforts of SBP officers and employees, saying the institution’s achievements during the past year reflected their collective contribution.
The ceremony concluded with the SBP reaffirming its commitment to sustainable economic development, financial stability and the welfare of the people of Pakistan.
