Karachi: The State Bank of Pakistan (SBP) celebrated the 77th Independence Day with a ceremony that included patriotic displays and a detailed review of the country’s economic progress, emphasizing the importance of economic stability for national sovereignty.
According to State Bank of Pakistan, Governor Jameel Ahmad, through a message read by Executive Director Muhammad Haroon Rasheed, highlighted significant improvements in Pakistan’s economic indicators. He noted a substantial reduction in inflation from 28.3 percent in July 2023 to 11.1 percent in July 2024, a sharp decrease in the current account deficit from USD 17.48 billion in FY22 to USD 0.68 billion in FY24, and an increase in foreign remittances and reserves. These achievements reflect concerted efforts by the government and the SBP to stabilize the economy.
Governor Ahmad also detailed the SBP’s initiatives to expand financial services, including the launch of Pakistan’s first instant payment system ‘Raast’ and the Asaan Mobile Account for branchless banking. These efforts aim to increase financial inclusion and literacy, with a particular focus on empowering the agriculture and SME sectors through increased lending.
Furthermore, the Governor addressed the need for innovative strategies to tackle economic challenges, especially in the realm of digital security, urging the banking sector to enhance cybersecurity measures to protect against fraud. The recent observance of Pakistan Financial Literacy Week was also mentioned, highlighting its focus on digital financial services and the role of digital banking in fostering informed financial decisions among the public.