State Bank of Pakistan (SBP) Governor Jameel Ahmad has stressed the need for continued reforms, institutional strengthening and economic discipline to achieve sustainable growth.
Addressing a flag-hoisting ceremony at SBP Karachi to mark Pakistan’s 79th Independence Day, he said prudent fiscal and monetary policies had helped strengthen the economy and supported its transition from stabilisation towards sustainable growth.
Governor said average inflation stood at 7.1 percent during FY26, adding that the central bank considers the prevailing monetary policy stance appropriate for keeping inflation within its medium-term target of 5–7 percent while supporting economic activity, investment and employment.
According to him, economic growth reached 3.7 percent in FY26 and is projected to remain between 3.5 and 4.5 percent in FY27. He also pointed to improvements in the external sector, noting that overseas Pakistanis sent more than $41 billion in remittances during FY26.
Remittances are projected to rise to $44 billion in FY27, while the country’s foreign exchange reserves reached $18.4 billion at the end of FY26 and are expected to surpass $21 billion during the current fiscal year.
Highlighting reforms in the financial sector, Ahmad said the launch of PRISM+ had modernised Pakistan’s payment infrastructure, making large-value transactions and settlements faster, safer and more efficient.
He added that SBP’s initiatives to encourage digital payments had contributed to a sharp rise in retail digital transactions, which increased from around 10 billion to 12 billion over the past year. He said the expansion of digital payments would help build a more documented, transparent and efficient economy.
The governor reaffirmed SBP’s commitment to expanding financial inclusion and said the launch of InvestPak was aimed at providing the public with convenient, secure and transparent investment opportunities. He also highlighted efforts to expand Islamic banking, green finance, cybersecurity and financial technology.
Ahmad stressed that economic self-reliance, strong institutions, the rule of law and national unity were essential to achieving the true objectives of independence. While acknowledging the progress made, he said several challenges remained and would require sustained commitment and vigilance.
Looking ahead, he said SBP would continue to prioritise price stability and policy reforms while working to create an environment conducive to higher productivity, export growth and job creation.
The ceremony concluded with SBP reaffirming its commitment to supporting sustainable economic development, financial stability and the welfare of the people of Pakistan.
