Karachi, August 14, 2025 – Governor of the State Bank of Pakistan (SBP), Jameel Ahmad, has expressed confidence that Pakistan is firmly advancing on the path of economic stability, supported by sustained reforms and prudent monetary policies.
Speaking at a flag-hoisting ceremony at SBP headquarters in Karachi to mark the 78th Independence Day of Pakistan, Governor Ahmad said that the central bank is committed to ensuring both monetary and financial stability for the nation’s long-term economic prosperity. The event, attended by SBP officials, dignitaries, and school children, began with the national flag being raised high against the backdrop of patriotic songs.
In his keynote address, Ahmad recalled that Pakistan had recently weathered some of the most severe economic challenges in its history. “Inflation surged to 38 percent in May 2023, threatening the purchasing power of ordinary citizens,” he noted. In response, SBP implemented a series of targeted measures to contain inflationary pressures. “These actions yielded results, with inflation falling to 11.8 percent by May 2024, and further to a historic low of 3.2 percent by June 2025,” he said.
With price pressures easing, SBP reduced the policy rate gradually from 22 percent to 11 percent between June 2024 and mid-2025. Ahmad emphasized that the monetary stance would remain aligned with maintaining inflation within the 5–7 percent target range, safeguarding the recent economic gains, and fostering an environment for business expansion.
The governor also highlighted significant progress in Pakistan’s external sector. “Foreign exchange reserves have risen from USD 4.4 billion at the end of FY23 to USD 14.5 billion by the close of FY25,” he said, attributing this to a USD 2.1 billion current account surplus — the first in 14 years — and record remittances of USD 38.3 billion from overseas Pakistanis. Importantly, he stressed that these reserves were built without adding to the country’s foreign debt, enhancing economic resilience. International credit rating upgrades, he added, have opened the door for increased foreign investment.
Ahmad further discussed SBP’s role in advancing Pakistan’s digital transformation. The central bank recently spun off Raast — Pakistan’s instant payment platform — into a dedicated subsidiary to expand its reach and adoption. SBP is also modernizing the payment infrastructure, enabling citizens to make transactions and send remittances via cutting-edge facilities. Moreover, a new remote account-opening system now allows individuals, especially women, to open bank accounts without visiting branches, a move expected to deepen financial inclusion.
Following the speeches, students from Zindagi Trust School performed national songs, while the Contemporary Art Gallery hosted a special exhibition titled Beauty of Pakistan, showcasing artwork by children from the Ida Rieu School for the Blind and Deaf. The pieces celebrated the nation’s landscapes and cultural heritage, reinforcing SBP’s commitment to inclusive initiatives.
Other Independence Day displays included Echoes of Freedom through Archival Lens and Wings of Pakistan, offering visitors a historical and artistic reflection on the country’s journey towards economic and national strength.