The State Bank of Pakistan (SBP) Governor, Jameel Ahmad, said Pakistan is now firmly moving toward economic stability and sustainable growth after facing unprecedented financial challenges in recent years. He made the remarks during the 78th Independence Day celebrations at SBP’s Karachi office, where he hoisted the national flag and addressed the gathering.
Governor Ahmad emphasized that SBP’s monetary policies are designed to ensure long-term prosperity by maintaining price stability. He noted inflation dropped from a record 38 percent in May 2023 to 3.2 percent by June 2025, following seven gradual policy rate cuts from 22 percent to 11 percent. These steps, he added, aim to keep inflation within the 5–7 percent range, opening broader opportunities for businesses and the economy.
Highlighting external sector improvements, the Governor shared that foreign exchange reserves nearly tripled from USD 4.4 billion in FY23 to USD 13.5 billion in FY25. He credited this to a current account surplus of USD 2.1 billion—the first in 14 years—along with record remittances of USD 38.3 billion from overseas Pakistanis. Importantly, these gains were achieved without increasing foreign debt, earning Pakistan improved credit ratings from international agencies and attracting potential foreign investments.
Governor Ahmad also underlined the SBP’s focus on technology-driven financial inclusion. He pointed to the launch of Raast as a separate subsidiary to promote digital payments, modernization of payment systems, and a new account-opening framework allowing individuals to open bank accounts remotely. These measures, he said, especially benefit women and underserved communities by making financial services more accessible.
The event celebrated independence through cultural and artistic showcases. Students from Zindagi Trust School performed national songs, while children from Ida Rieu School for the Blind and Deaf presented their artwork under the theme “Beauty of Pakistan.” Other exhibitions, such as “Echoes of Freedom through Archival Lens” and “Wings of Pakistan,” reflected the country’s heritage and SBP’s commitment to inclusive cultural expression.