The State Bank of Pakistan (SBP) announced of its five-year financial strategy – SBP Vision-2020 – for strengthening and stabilizing financial system of the country.
Governor State Bank, Mr. Ashraf Wathra while speaking at the ceremony at SBP head office, said that innumerable sacrifices were made by the leaders and common masses for achieving independence. The real freedom is to become a self-reliant nation. He also said that,
“It is our collective responsibility to play our roles in transforming Pakistan into a strong, prosperous and thriving country. This may require some sacrifices on our part. If we keep the principles taught by our great leaders in mind, we will have the vision to see that such sacrifices affect great advancement for the future of a nation.”
Strong institutions build strong economic system, which is a key to progress. Every growing nation requires a robust financial system and strong economy. In early days of freedom, Pakistan managed to establish its central bank and a viable economic system. Despite our economy has seen many ups and downs, but we are headed towards the right direction. SBP on the auspicious occasion of the 68th Independence Day launched its five year strategic plan named as “SBP Vision 2020”.
The plan is devised by the SBP officials keeping in view the Government of Pakistan’s Vision 2025 program.
Mr. Ashraf Wathra also said, “Our aim is for SBP to be a role model for best corporate practices in Pakistan and to deliver effective and efficient outcomes at every level. We need to empower all staff members to help delivering SBP Vision-2020 and driving the organisation’s change.”
He added that, SBP is also focusing on further deepening of our core values of integrity, accountability, team work, courage, excellence and result orientation in our organization’s culture.
SBP Vision-2020 is knitted around the six strategic objectives which are; increasing the effectiveness of monetary policy, strengthening the financial system stability regime, improvement in efficiency, effectiveness and fairness of the banking system, increasing financial inclusion, developing modern and robust payments systems and strengthening SBP’s organizational efficiency.
Around 50% of Pakistan’s adult population does not utilize financial services such as formal savings, payments, deposits, credit or insurance. Despite efforts, the level of financial inclusion had remained very low. Due to which a new comprehensive national strategy is much needed, he added.
Governor SBP also said the SBP Vision-2020, with respect to increasing financial inclusion, is closely associated with the implementation of the National Financial Inclusion Scheme (NFIS). The NFIS will guide efforts for promoting financial inclusion over the next five years.
State bank is also playing and important role in preserving our cultural heritage. SBP Museum and Art Gallery are two of its important chapters in this regard.
State Bank of Pakistan is one of the few institutions who are the pride of the nation, in spite of many hazards and challenges; we have achieved so much and taken the economy of the country to the new heights.
On the occasion, the governor was also given guard of honour by police and SBP guards, after which he hoisted the national flag.