In a significant address at the Pakistan Stock Exchange (PSX) on April 14, 2025, Governor of the State Bank of Pakistan (SBP), Mr. Jameel Ahmad, reflected on the country’s improving macroeconomic landscape and outlined a forward-looking agenda for sustainable and inclusive economic growth. The ceremony, held to mark the opening bell at PSX, symbolized not only market optimism but also growing confidence in Pakistan’s economic trajectory.
Governor Ahmad highlighted that Pakistan has emerged from a challenging period of macroeconomic instability—defined by high inflation, dwindling reserves, and rising default fears—to a more stable and growth-oriented environment. Over the past two years, the country has seen notable improvements in critical economic indicators, signaling a revival in economic activity and investor sentiment. According to the Governor, inflation has eased significantly, the external current account has swung into a surplus, foreign exchange reserves have been rebuilt, and public debt indicators have shown measurable progress.
A major milestone was the record-breaking inflow of remittances in March 2025, which reached an all-time high of $4.1 billion. Governor Ahmad attributed this to coordinated efforts between the government and SBP to enhance formal remittance channels and ensure a more efficient and transparent foreign exchange market. He projected that total remittances for FY25 could reach $38 billion, reinforcing their critical role in external account stability and household income.
With these improvements in place, the Governor stressed that Pakistan now has a unique opportunity to transition from stabilization to broad-based and inclusive prosperity. He underscored the need to anchor economic growth in enhanced productivity and export competitiveness, noting that a robust export base contributes not only to foreign exchange earnings but also to technological innovation, investment inflows, and job creation.
Mr. Ahmad called on all economic stakeholders to commit to long-term structural reforms aimed at eliminating the boom-bust cycles that have historically impeded sustained progress. He reaffirmed the SBP’s commitment to maintaining a resilient, inclusive, and innovative financial ecosystem, guided by a regulatory environment that supports entrepreneurship, digital financial services, and equitable access to finance.
A key part of this vision is the promotion of financial literacy and inclusion. As part of this strategy, the SBP is organizing Pakistan Financial Literacy Week (PFLW) 2025, from April 14–18, with diverse activities aimed at engaging students, entrepreneurs, and the general public across the country. Governor Ahmad reiterated that financial inclusion is central to SBP’s Strategic Vision 2028, which aims to expand financial inclusion from the current 64% to 75% by 2028, and reduce the gender gap in financial access from 34% to 25%.
In closing, the Governor commended the Pakistan Stock Exchange for its vital role in capital formation and wealth generation. He acknowledged PSX’s contributions in enabling businesses to raise capital and providing investors with access to diversified investment opportunities. This collaboration between the central bank, financial institutions, capital markets, and the public sector is, according to Mr. Ahmad, essential to placing Pakistan firmly on the path of sustainable, inclusive, and innovation-driven economic growth.