It gives me immense pleasure to congratulate State Bank of Pakistan (SBP) on this auspicious occasion of its 70th anniversary. The establishment of the country's central bank by Quaid-e-Azam Muhammad Ali Jinnah on 1st July 1948-soon after freedom-was a key milestone in nation-building.
It ensured independence in monetary affairs and signalled the commencement of the financial and banking infrastructure development in the country. The newly born nation's confidence and the stature of the country rose to new heights as SBP started issuing sovereign currency.
By virtue of its visionary leadership and dedicated efforts, SBP has become a symbol of institutional strength and pride for the country. Since its inception, SBP has played a critical role in the economic development of the country by strengthening the financial system and fostering macroeconomic stability.
In 70 years of its life, SBP has faced a wide range of challenges, arising both on the global and domestic fronts. It has sailed successfully through these obstacles thereby proving its strength and achieving the trust of the public.
The history of economic development reveals that, among other factors, strong and efficient institutions are pivotal in determining the success of states across the globe. SBP, being one of the fundamental institutions of the state, has achieved a level of efficiency and strength that has been recognized globally. It has been effective in implementing its statutory mandate by formulating and conducting monetary, regulatory and supervisory policies in the best interest of the country.
By safeguarding financial system's stability, enhancing financial services, and being vigilant to the entrusted role, the SBP has demonstrated its effectiveness as a quality institution. Moreover, as the role of institutions is becoming more challenging than ever in an increasingly complex, integrated, and information-rich world, SBP remains adaptive to dealing with the changing realities through aligning it with international best practices.
I am confident that SBP would continue to be a dynamic institution delivering high-quality services, acting as a knowledge institution, and retaining the trust of the public. I hope that the higher level of integrity standards set by SBP would continue to define its identity in future. I wish all the success to the State Bank in its future endeavours.
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