State Bank of Pakistan (SBP) Governor Ashraf Mehmood Wathra has unveiled a five-year financial strategy, SBP Vision-2020, to maintain financial stability in the country. On an Independence Day event, he said that it is the collective responsibility of every member of this nation to play its role in transforming Pakistan into a strong and prosperous country. According to the SBP governor, strong institutions are a key to progress and development of a strong financial system is prerequisite for establishing a powerful economy. Pakistan faced various challenges since its inception but it managed to establish a central bank and a viable economic system. The economy of the country has passed through many ups and downs but it never lost its growth potential. The economy of the country has been set on the right direction and the five-year strategic plan of the State Bank SBP, Vision 2020, will manifest the ceaseless efforts of the bank management and its consultative process with external stakeholders in days to come. The governor said that the central banking has thoroughly studied the issues and financial developments in Pakistan and abroad. The bank will emerge as a role model for best practices in the corporate sector of Pakistan and it will deliver at every level.
He says that the SBP culture has been developed over the years to cover the core values of integrity, accountability, teamwork, courage, excellence and result orientation. The SBP Vision-2020 covers six strategic imperatives, including strengthened monetary policy and financial system as well as it will maintain stability in the financial regime and strengthen of the SBP’s organizational efficiency. At least 50 percent Pakistanis have no access to financial services and a new comprehensive national strategy is required for the implementation of the national financial inclusion scheme. He says that despite challenges, the State Bank has played its role to achieve financial stability and the country is now enjoying a thriving banking industry.
As a matter of fact, there is always room for improvement and the country still has a long way to go toward financial stability. The country is facing inflation – though the government has been maintaining it at a certain level for the last couple of years. Critics blame the government for taking artificial steps to contain inflation. However, it is feared that floodgates of inflation will be opened after the end of the present regime. The bank should also discourage free borrowings by the government due to which it has to cover losses by printing more currency notes. The common citizens and economy are the ultimate losers at the end.
