Five-year plan launched to boost banking: In Karachi, the State Bank of Pakistan (SBP) has introduced a five-year strategic plan with the goal of enhancing the banking sector, refining monetary policy, and improving the price control mechanism.
Launched by Governor Jameel Ahmad at a ceremony on Friday, SBP Vision 2028 represents the first strategic initiative following amendments to the SBP Act. The plan outlines the central bank’s vision, mission, and key objectives for the next five years, and it has been developed through a consultative and inclusive process involving key stakeholders.
Governor Ahmad, speaking at the event, emphasized that Vision 2028 underscores the SBP’s dedication to fostering price and financial stability while contributing to the sustainable economic development of the country. He noted that the plan takes into account evolving risks and challenges, including climate change, rapid digital innovations, disruptions, and growing cybersecurity threats.
The strategic goals of Vision 2028 center around six key objectives:
1. Maintaining inflation within the medium-term target range.
2. Enhancing efficiency, effectiveness, fairness, and stability of the financial system.
3. Promoting inclusive and sustainable access to financial services.
4. Transforming to a Sharia-compliant banking system.
5. Building an innovative and inclusive digital financial services ecosystem.
6. Transforming the central bank into a high-tech, people-centric organization.
Governor Ahmad highlighted that these strategic goals encompass five cross-cutting themes, including strategic communication, climate change, technological innovation, diversity and inclusion, as well as productivity and competitiveness.
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