The State Bank of Pakistan (SBP) Governor, Mr. Jameel Ahmad, said on Thursday that Pakistan has faced unprecedented economic challenges in recent years, but the country is now on a path toward economic stability and sustainable growth.
The SBP commemorated Pakistan’s 78th Independence Day with a flag hoisting ceremony at the SBP Karachi office. Governor Jameel Ahmad hoisted the national flag to mark the occasion.
In his keynote address, Governor Ahmad said that the SBP is striving to ensure monetary and financial stability for the long-term prosperity of the nation. He acknowledged the unprecedented economic challenges faced in the recent past, adding that the country is now on a path toward stability and growth.
The Governor noted that inflation had reached 38 percent in May 2023. In response, the SBP implemented a series of measures aimed at curbing inflation, which successfully reduced it to 11.8 percent by May 2024, and to a historic low of 3.2 percent by June 2025. Governor Ahmad stated that the SBP had responded to the improving inflation outlook by reducing the policy rate in seven gradual steps, from 22 percent to 11 percent, since June 2024. “Our monetary policy remains focused on maintaining the hard-earned gains in price stability, while ensuring that inflation stays within the 5–7 percent range,” Mr. Ahmad said. “This will help unlock broader economic and business opportunities.”
Mr. Ahmad also highlighted improvements in the external sector, noting that Pakistan’s foreign exchange reserves had nearly tripled, rising from USD 4.4 billion at the end of FY23 to USD 13.5 billion by the end of FY25. He mentioned that a current account surplus of USD 2.1 billion—the first in 14 years—and record-high remittances of USD 38.3 billion from overseas Pakistanis significantly contributed to this improvement. He also noted that the SBP has worked to build foreign exchange reserves to strengthen economic resilience against external shocks, achieving this without increasing foreign debt. International credit rating agencies have upgraded Pakistan’s ratings in recognition of these measures, which are expected to unlock foreign investment opportunities.
Governor Ahmad emphasized the importance of technological innovation in financial inclusion, highlighting SBP’s digital initiatives, including the establishment of Raast, Pakistan’s instant payment system, as a separate subsidiary to enhance digital payment adoption. The SBP has also taken several steps to modernize payment infrastructure, enabling the public to conduct transactions and remit funds through state-of-the-art facilities. Furthermore, the SBP recently introduced an improved account-opening framework, allowing individuals to open accounts without visiting a bank branch. This will particularly benefit the public, especially women.
The event concluded with a performance of national songs by students from Zindagi Trust School, celebrating the spirit of independence. The Governor also unveiled a unique art collection by children from the Ida Rieu School for the Blind and Deaf at the Contemporary Art Gallery. The exhibit, themed ‘Beauty of Pakistan’, showcased the creativity of young artists with special needs and reflects SBP’s continued support for inclusive cultural expression. Other Independence Day exhibitions included ‘Echoes of Freedom through Archival Lens’ and ‘Wings of Pakistan’.
