- Governor Wathra says 50 per cent of Pakistan’s adult population has no access to financial services such as formal savings, payments, deposits, credit or insurance
- New strategy aims to make central bank a role model for corporate best practices in Pakistan
State Bank Governor Ashraf Mahmood Wathra Friday said the bank is launching its five-year Strategic Plan – Vision 2020.
The aim is for SBP to be a role model for corporate best practices in Pakistan and to deliver effective and efficient outcomes at every level.
“We need to empower all staff members to help deliver SBP Vision 2020 and drive the organization’s change. In this respect, our core values of Integrity, Accountability, Teamwork, Courage, Excellence and Result orientation shall be the focus for further inculcation into the SBP culture, said Wathra while addressing an Independence Day function here today.
He said SBP Vision 2020 organises activities around the six strategic imperatives which include: enhancing the effectiveness of monetary policy; strengthening the financial system stability regime; improving the efficiency, effectiveness, and fairness of the banking system; increasing financial inclusion; developing modern and robust payments systems; and strengthening SBP’s organizational efficiency and effectiveness.
He said a strong economic system based on strong institutions is the key to progress. No nation can hope to grow without a robust financial system and powerful economy.
The SBP governor said despite challenges Pakistan managed established a central bank and a viable economic system early on. Although our economy has had many rises and falls and has sometimes seen crises, he believed there is still enormous potential for growth and the economy is now headed in the right direction.
He said on this auspicious occasion, around 50 per cent of Pakistan’s adult population has no access to financial services such as formal savings, payments, deposits, credit or insurance. Despite efforts, the level of financial inclusion has remained very low, and the need for a new comprehensive national strategy has been recognized. Following extensive development and consultation, the National Financial Inclusion Strategy was launched in May 2015.
He said SBP Vision 2020 with respect to increasing financial inclusion is closely linked to implementation of the NFIS. The NFIS creates the foundation for SBP, the Government and private sector to implement a comprehensive set of coherent and sequenced reforms needed to make a meaningful impact on financial inclusion in Pakistan. The NFIS will guide efforts to promote financial inclusion over the coming five years. Apart from its core functions, the SBP is playing an important role in preserving the cultural heritage of the country.
Wathra said State Bank of Pakistan is one of the few institutions that are the pride of the country. In spite of hazards and challenges, it has made great strides towards the goal of taking the economy to new heights. Pakistan’s vibrant banking industry is an example of the unremitting efforts that the past and present employees of the SBP have been making.
He however said there is still a long way to move forward. There are many, many milestones that remain for us to conquer.
“Let us make a firm resolve today that we will live up to the ideals of the Quaid-e-Azam and further our efforts to achieve the ends for which the State Bank of Pakistan was established” the SBP Governor concluded.