SBP Governor targets inflation at 5-7% over next two years

July 04, 2023 (MLN): State Bank of Pakistan Governor Jameel Ahmad on Tuesday emphasized his concerns regarding inflation and outlined a target to bring it down to a range of 5-7% over the next two years.

Speaking at the inauguration ceremony of revealing the new banknote to celebrate 75 years of SBP’s founding, the SBP chief acknowledged the challenges faced by the central bank throughout its existence.

He emphasized the resilience and determination that have guided the institution through difficult times.

Moreover, he proudly highlighted that the foundation stone of the State Bank was laid by Quaid-e-Azam, stressing the historical importance of the event.

The governor further spoke of the expansive reach of the institution, with over 16,000 branches operating nationwide.

He praised the introduction of digital banking facilities, allowing customers to effortlessly open and manage their accounts in their comfort.

He expressed his satisfaction regarding the extensive services offered to overseas Pakistanis, enabling them to access convenient banking solutions.

State Bank’s dedication to financial stability, asserting that the current legislation aligns with international standards, making the SBP’s framework comparable to any central bank in the world, he added.

He underscored the institution’s commitment to enhancing efficiency through automation, placing special attention on technological advancements.

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