KARACHI: State Bank of Pakistan (SBP) Governor Jameel Ahmad on Friday launched the SBP’s strategic plan, SBP Vision 2028, for the period 2023-2028 in a ceremony held here.
The ceremony was attended by the senior management of the bank. The SBP Vision 2028, the first plan after amendments to the SBP Act, highlights the central bank’s vision, mission and key goals to be pursued over the next five years. The strategic plan has been developed through a consultative and inclusive process with key stakeholders.
Speaking on the occasion, the Governor SBP highlighted that SBP Vision 2028 represents SBP’s commitment to foster price and financial stability and to contribute in a sustainable economic development of the country.
He said evolving risks and challenges to the economy and financial stability, including climate change, rapid digital innovations and disruptions, and growing cyber security threats, have also been kept in perspective while developing the plan.
Governor SBP elaborated that the SBP Vision 2028, revolves around six strategic goals that include maintaining inflation within the medium-term target range, enhancing efficiency, effectiveness, fairness and stability of the financial system, promoting inclusive and sustainable access to financial services, transforming to a Shariah compliant banking system, building an innovative and inclusive digital financial services ecosystem, and transforming SBP into a high-tech, people-centric organization.
These strategic goals are built to cover five cross-cutting themes, including: strategic communication, climate change, technological innovation, diversity and inclusion, and productivity and competitiveness.
It builds on the achievements of the last plan and covers five cross-cutting themes, including: strategic communication, climate change, technological innovation, diversity and inclusion, and productivity and competitiveness.
The SBP Vision 2028, envisions is to make SBP a people centric institution, working for the wellbeing of the people of Pakistan. In line with this vision, SBP’s first and foremost focus will be on achieving and maintaining the price stability.
Governor has said that the SBP Vision 2028, is in line with the Shariat Court decision, envisions transformation of the conventional banking system into Shariah-compliant banking system and it has also laid out a detailed plan for the transformation developed in consultation with all stakeholders.
The key challenges to the transformation included conversion of government debt into Shariah compliant financing, simplification of Shariah-compliant financing products, and training and capacity building of the industry. The SBP is collaborating with the industry, the Shariah scholars and the federal government to resolve these issues and challenges, the governor in message said in the SBP Vision 2028.
According to SBP, to ensure that the strategic direction of SBP is responsive and forward-looking, various political, economic, social, technological, environmental, and legal factors have been analyzed to facilitate the development of an overarching, multi-faceted strategic plan for the central bank.
Copyright Business Recorder, 2023