SBP Chief Blames Global Factors For High Inflation in Pakistan
The governor of the State Bank of Pakistan (SBP), Jameel Ahmad, attributed Pakistan’s high inflation rate on external forces.
“World economy remained under pressure in near past that also resulted in an increase in inflation in Pakistan and these conditions were further aggravated due to floods and delay in IMF programme review,” he said in remarks made at the flag-hoisting ceremony to celebrate Pakistan’s 77th Independence Day at the SBP headquarters in Karachi.
The nine-month Stand-by Arrangement (SBA) signed with the IMF, according to him, has strengthened the nation’s foreign reserves and, in turn, decreased short-term concerns in the external sector.
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Jameel noted that the central bank is making significant strides in the fields of Islamic, green, and digital banking. He talked about the development of fintech, the introduction of a licencing and regulatory framework for digital banks, and concrete initiatives for changing the entire financial system.
The governor of the central bank made a fleeting reference of the creation of a new strategic plan to enhance liquidity management and the Shariah Governance framework of the Islamic banking sector.
He paid eloquent homage to Quaid-e-Azam Muhammad Ali Jinnah and his colleagues, who overcame great odds to establish a sovereign state for Muslims in the subcontinent.
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Jameel also remembered the difficult conditions Pakistan’s young state had to endure in its early years, and how it was compelled to depend on outsiders for conducting banking and financial activities. Due to these circumstances, he continued, SBP was established in order to guarantee the nation’s economic independence.
Senior executives from the regulator as well as a sizable number of SBP workers and their families were present at the occasion. A band from the Pakistan Navy played the national anthem as the Governor SBP hoisted the national flag to get things off.
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