Islamabad, December 31, 2024 – Jameel Ahmad, the Governor of the State Bank of Pakistan (SBP), presented a detailed year-end performance review of the central bank to Finance Minister Senator Muhammad Aurangzeb during a meeting at the Finance Division on Tuesday.
The SBP Governor outlined the central bank’s initiatives aimed at bolstering Pakistan’s fiscal framework and enhancing economic stability. He emphasized the critical steps taken to stabilize the exchange rate and fortify foreign exchange reserves amidst global economic challenges. The review underscored the importance of monetary policies implemented during the year, which were designed to curb inflation and foster sustainable growth.
During the meeting, Governor Ahmad and Finance Minister Aurangzeb discussed the performance of Pakistan’s banking sector, recognizing its essential role in driving the country’s economic progress. The SBP Governor highlighted the sector’s resilience and its contributions to financial inclusion and credit availability for businesses and individuals.
A significant portion of the discussion revolved around enhancing the inflow of workers’ remittances, a key source of foreign exchange for Pakistan. The SBP Governor presented various initiatives, including digital payment solutions and streamlined banking processes, to encourage expatriates to remit funds through formal channels. He stressed the need for collaborative efforts between the State Bank and the Finance Ministry to achieve this goal.
Finance Minister Aurangzeb appreciated the SBP’s proactive measures under Governor Ahmad’s leadership and reiterated the government’s commitment to working closely with the central bank. He commended the SBP Governor for steering the institution through a challenging year, particularly in maintaining macroeconomic stability and supporting fiscal reforms.
Both sides agreed on the critical importance of sustained collaboration between the Finance Ministry and the SBP in addressing economic challenges and achieving long-term stability. Governor Ahmad assured the Finance Minister of the central bank’s continued dedication to implementing policies that promote growth, enhance financial stability, and support Pakistan’s development agenda.
The meeting concluded with a reaffirmation of shared priorities for 2025, with the SBP Governor emphasizing the need for coordinated efforts to build a resilient and sustainable economic future for Pakistan.