I offer my warmest congratulation on the 60th anniversary of the State bank of Pakistan. The Bank deserves applause for the prudent and shrewd management of the monetary sector of the country and for erecting a well-founded design of the existing domestic financial architecture.
State Bank has always been leading the nation in its pursuit for economic growth and price stability. The ability of the State Bank to take policy measures that conform to the best international practices, has served the country well in times of financial instability- like the recent international credit crunch. No doubt this reflects the strong leadership and qualified human resource base of this premier national institution.
I believe that without the invaluable contribution of the State Bank of Pakistan, it would not have been possible to intensify the economic strength of the country. I am confident that the State Bank of Pakistan will stay the course and continue its role of helping to maintain economic stability in the future, a task which will surely bring us nearer to our long-term objective of uprooting poverty and attaining prosperity.
At present Pakistan is facing a multitude of difficult problems hurting not only the common man but also the economic growth and stability. The world-wide energy and food crises are amplifying the severity of domestic economic issues. No matter how well we have performed up to now, we must remain cognisant of the fact that, in this age of globalisation, it has become impossible to remain aloof from rapid developments around us. In this period it is imperative that we remain vigilant and well-prepared to tackle all the challenges of economic environment and financial markets' supervision.
It is heartening to note that there are many components of State Bank's financial inclusion paradigm. These include: Agricultural & rural credit, SME, microfinance, infrastructure & housing finance and Islamic banking. These innovative approaches to development finance are already showing encouraging results and I hope they will go a long way in helping the government significantly in reducing poverty and unemployment.
I am confident that the State Bank will continue to perform its functions efficiently for the economic uplift of Pakistan. I wish all the success to the Governor in her pursuit of transforming State Bank as the best central bank in the developing world.
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