Karachi, August 14, 2024 – The State Bank of Pakistan (SBP) celebrated the 77th Independence Day of the country with renewed fervor and enthusiasm.
The festivities commenced with the hoisting of the National Flag, accompanied by the Navy band’s rendition of the National Anthem. The vibrant ceremony was attended by a large number of SBP employees and their families.
A small contingent of Inter Bank Security Officers performed a march-past, showcasing discipline and cohesion, and presented the Guard of Honor. Adding to the patriotic spirit, a choir composed of students from the Garage School, DHA CSS, and Bahria School sang national songs, filling the air with a sense of pride and unity.
The Governor of SBP, Jameel Ahmad, conveyed his message through Executive Director Muhammad Haroon Rasheed. In his address, Governor Ahmad lauded the immense sacrifices made by the founding fathers in securing a separate homeland for the Muslims of the Indian subcontinent. His message highlighted significant improvements in Pakistan’s macroeconomic indicators.
Governor Ahmad noted that inflation had decreased substantially, reaching 11.1 percent in July 2024, a sharp decline from 28.3 percent in July 2023. He also emphasized the reduction in the current account deficit, which had shrunk from USD 17.48 billion in FY 22 to USD 3.2 billion in FY 23, and further to USD 0.68 billion in FY 24. Foreign remittances saw an upward trend, increasing to USD 30.25 billion in FY 24 from USD 27.33 billion in FY 23. Additionally, foreign reserves improved, rising to USD 9.3 billion despite ongoing debt repayments, and there were no import restrictions. The IT sector also witnessed significant export growth, further contributing to the country’s economic stability.
Governor Ahmad attributed these positive trends to the collaborative efforts of the Government and SBP. He highlighted the SBP’s initiatives, including the National Financial Inclusion Strategy, the National Financial Literacy Program, and ‘Raast’—Pakistan’s first instant payment system. He also mentioned the Asaan Mobile Account, which enables low-income segments to open branchless banking accounts digitally.
In his message, Governor Ahmad emphasized the importance of adopting innovative strategies to address economic challenges, particularly in the realm of digital innovation and cybersecurity. He urged the banking industry to upgrade their systems to enhance cybersecurity and protect customers from potential fraud.
The SBP also observed the inaugural Pakistan Financial Literacy Week in March, with a focus on digital banking solutions. The campaign aimed to equip individuals with the knowledge and tools necessary to make informed financial decisions, with the active participation of SBP BSC field offices and commercial banks.
