In a key meeting held at the Finance Division on Tuesday, Jameel Ahmad, the Governor of the State Bank of Pakistan (SBP), presented a comprehensive year-end performance review of the central bank to Finance Minister Senator Muhammad Aurangzeb. This review highlighted the SBP’s efforts throughout the year to strengthen Pakistan’s fiscal framework and economic stability, offering valuable insights into the central bank’s initiatives in a year filled with global and domestic economic challenges.
Governor Ahmad outlined the critical steps taken by the SBP to stabilize the exchange rate and bolster Pakistan’s foreign exchange reserves, which were under pressure due to global economic conditions. He provided a detailed overview of the monetary policies introduced by the SBP during the year, emphasizing their role in controlling inflation and promoting sustainable economic growth. These policies were particularly designed to shield the country from broader economic volatility while supporting long-term financial stability.
A significant portion of the meeting was dedicated to discussing the performance of Pakistan’s banking sector, which continues to play an essential role in the country’s economic development. Governor Ahmad commended the resilience of the banking sector, noting its contributions to financial inclusion and its role in providing credit access for businesses and individuals across Pakistan. The SBP has worked to enhance the sector’s ability to serve the country’s economic needs, particularly during challenging times.
Another key topic of discussion was the enhancement of remittances, which represent a vital source of foreign exchange for Pakistan. Governor Ahmad presented several initiatives aimed at increasing the inflow of workers’ remittances by encouraging expatriates to use formal banking channels. Among these initiatives were the introduction of digital payment solutions and streamlined banking processes designed to make remittance transfers more accessible and efficient. The SBP Governor stressed that collaboration between the central bank and the Finance Ministry is essential to achieving this goal and maximizing the impact of remittances on Pakistan’s economy.
Finance Minister Aurangzeb expressed his appreciation for the SBP’s proactive approach under Governor Ahmad’s leadership. He commended the central bank for navigating a difficult year while maintaining macroeconomic stability and supporting important fiscal reforms. Minister Aurangzeb reiterated the government’s commitment to continued cooperation with the SBP, recognizing the importance of mutual efforts in addressing the country’s ongoing economic challenges.
The meeting concluded with both the Finance Minister and the SBP Governor reaffirming their shared priorities for 2025. Governor Ahmad stressed the need for continued collaboration between the Finance Ministry and the SBP, focusing on policies and initiatives that will ensure a resilient and sustainable economic future for Pakistan. The SBP remains committed to fostering an environment of growth, financial stability, and development as the country looks ahead to the coming year.