The Governor of the State Bank of Pakistan (SBP), Mr. Jameel Ahmad, emphasized the country’s renewed economic momentum and macroeconomic stability during a gong ceremony held at the Pakistan Stock Exchange (PSX) on Monday, April 14, 2025. In a detailed address to stakeholders and media representatives, Governor Ahmad provided an optimistic overview of Pakistan’s economic progress and highlighted strategic efforts aimed at achieving sustainable and inclusive growth.
Reflecting on the nation’s recent economic trajectory, Mr. Ahmad stated that Pakistan has emerged from a challenging period of macroeconomic instability. This phase had been characterized by high inflation, low foreign reserves, and heightened fears of a potential default. However, through focused policy interventions and collaborative efforts across the economic ecosystem, the country has transitioned toward a stable and promising economic environment.
The Governor pointed to several key economic indicators that support this improved outlook. Inflation has significantly declined, signaling easing cost pressures on households and businesses. Meanwhile, the external current account has moved into a surplus, foreign exchange reserves have been rebuilt, and public debt indicators have shown considerable improvement over the past two years. These developments have collectively reinforced investor confidence and contributed to a more stable macroeconomic foundation.
One of the most remarkable milestones highlighted during his address was the record-high workers’ remittances in March 2025, reaching $4.1 billion. Mr. Ahmad attributed this success to targeted efforts by the government and SBP to incentivize remittance flows through formal banking channels and ensure the smooth functioning of the domestic foreign exchange market. With continued momentum, total remittances for the fiscal year 2024–25 are expected to reach approximately $38 billion.
Looking forward, the SBP Governor stressed the importance of transitioning from short-term stabilization to long-term growth. “Now that macroeconomic stability has been achieved through difficult but necessary policy decisions, our focus must shift to sustainable growth,” he said. To this end, he underscored the importance of enhancing productivity and expanding exports as essential components of a robust and resilient growth strategy. Increased export activity, according to Mr. Ahmad, will drive innovation, attract foreign investment, and create new employment opportunities.
He also urged all economic stakeholders to commit to long-term reforms aimed at addressing Pakistan’s deep-rooted structural challenges. The Governor emphasized the importance of avoiding recurring boom-bust cycles and economic stagnation by building a foundation based on productivity, innovation, and inclusivity.
A significant portion of Mr. Ahmad’s speech was dedicated to the role of financial inclusion and literacy in Pakistan’s economic journey. He reaffirmed SBP’s dedication to developing an inclusive financial ecosystem that serves all segments of society. As part of this commitment, the SBP has launched the Pakistan Financial Literacy Week (PFLW), taking place from April 14 to 18, 2025. The nationwide campaign features educational events and outreach programs aimed at promoting responsible financial behavior and broadening access to financial services.
Financial inclusion remains a key priority under the SBP’s Strategic Vision 2028. Key targets under the National Financial Inclusion Strategy (NFIS) 2024–28 include increasing overall financial inclusion from 64% to 75% and narrowing the gender gap in financial access from 34% to 25% by 2028. The SBP plans to achieve these objectives through a mix of regulatory reforms, digital innovation, and partnerships with both public and private sector institutions.
The Governor also took the opportunity to commend the Pakistan Stock Exchange for its continued role in capital market development. He acknowledged PSX’s contribution in enabling corporations to raise essential capital and offering investors a platform to earn substantial returns on their investments. The SBP views the capital market as a critical component in the country’s financial architecture, particularly in mobilizing long-term financing for economic development.
Governor Ahmad concluded by reiterating the SBP’s commitment to policy continuity, financial sector reform, and fostering an enabling environment that supports Pakistan’s journey toward inclusive and sustainable economic prosperity.