State Bank of Pakistan, since its inception, has been making relentless efforts for the development of the country's economy. Being the custodian of the monetary and financial stability, State Bank of Pakistan has steadily transformed and strengthened itself over the years to adopt modern approaches and international best practices in all the principal areas of its policy mandate and operations.
Serving its legal mandate of achieving monetary stability, State Bank's monetary policy has been helping to contain inflation and support economic growth in Pakistan. This policy stance has not only been conducive for increasing the purchasing power of the common people, but has also been providing relief to marginalized segments of the society.
Over the last three decades, the Bank has implemented substantive changes in the formulation, management and conduct of its core function of monetary policy. Importantly, in line with the international best practices, the establishment of an independent Monetary Policy Committee has enhanced the independence, transparency and credibility of the monetary policy formulation process.
Similarly, in the modern world, the global financial crisis of 2007-08 reminded us that the stability and buoyancy of the banking system is of critical importance for a country's sustainable economic development. Over the years, State Bank's continuous improvements in its prudential regulations in line with the international regulatory framework have significantly improved the resilience of the banking system of Pakistan.
In addition, the development of Islamic banking in parallel with conventional banking is providing financial services to a large segment of our population on a competitive basis.
It is encouraging to note that the Bank is following a well-thought strategy to preserve macroeconomic stability, facilitate the provision of financial services, and ensure higher standards of living for the common people of Pakistan under its Vision 2020.
Successful execution of this strategic plan will undoubtedly enable the State Bank to further its mission of achieving sustained and equitable economic growth and prosperity in Pakistan.
Comments
Comments are closed.