SBP governor vows focus on stability, reforms and export growth

State Bank of Pakistan Governor Jameel Ahmad said on Friday that the SBP’s focus will remain on price stability, policy reforms, and creating a conducive economic environment for higher productivity, export growth, and job creation.

He said this while addressing the commemoration of the 79th Independence Day of Pakistan with a flag-hoisting ceremony at SBP Karachi.

Governor Ahmad said that Pakistan’s economy had made important progress towards stability during the past year, supported by prudent fiscal and monetary policies, and greater economic discipline.

Highlighting developments in price stability, the governor noted that average inflation during FY26 was 7.1 percent.

“SBP’s assessment is that the current monetary policy stance remains appropriate to maintain inflation within the 5–7 percent medium-term target, while providing adequate room for economic activity, investment, and job creation,” he said.

He added that prudent fiscal and monetary policies had also supported economic growth, which stood at 3.7 percent in FY26.

“Economic growth is expected to remain between 3.5 and 4.5 percent in FY27.

This is an encouraging indication that the economy is continuing to move towards sustainable growth following a period of stabilisation.”

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Referring to developments in the external sector, the governor said that overseas Pakistanis had expressed their confidence in the country’s economic progress through record remittances, which exceeded USD 41 billion in FY26 and are expected to reach USD 44 billion in FY27.

The increase in remittances and a low current account deficit are contributing to the improvement in the country’s foreign exchange reserves, which reached USD 18.4 billion by end-FY26, he said.

Reserves are expected to exceed USD 21 billion during FY27, he added.

He also highlighted the steps taken by SBP during the past year to strengthen and modernise Pakistan’s financial system. He said that the successful launch of PRISM+ has brought the country’s payment infrastructure closer to international standards by making large-value payments and settlements faster, safer, and more efficient.

“SBP’s measures to promote digital payments have contributed to a significant increase in the use of digital channels, with the number of retail digital transactions rising from around 10 billion to 12 billion during the past year.”

He said that the growth of digital payments was not only a reflection of greater technology adoption but also an important step towards “a more documented, transparent, and efficient economy”.

Governor Ahmad stressed that economic self-reliance, strong institutions, adherence to the rule of law, and national unity remain essential to realising the true spirit of independence. He said that while SBP has made significant progress during the past year, challenges remain and require continued diligence, commitment, and resolve.
He emphasised that these priorities were essential for transforming economic stability into sustainable development and laying the foundation for a stronger and more prosperous Pakistan.

The ceremony concluded with a reaffirmation of SBP’s commitment to playing its role in promoting sustainable economic development, financial stability, and the welfare of the people of Pakistan.