KARACHI: The State Bank of Pakistan (SBP) has launched a five-year strategic plan aimed at improving the banking sector, monetary policy and price control mechanism.

SBP Vision 2028 — the first strategic initiative following amendments to the SBP Act — was launched by Governor Jameel Ahmad at a ceremony here on Friday.

It highlights the central bank’s vision, mission and key goals to be pursued over the next five years. The plan has been developed through a consultative and inclusive process with key stakeholders.

Speaking on the occasion, Governor Ahmad said the Vision 2028 represents SBP’s commitment to foster price and financial stability and contribute to a sustainable economic development of the country. He added that evolving risks and challenges to the economy and financial stability, including climate change, rapid digital innovations and disruptions and growing cyber security threats, have also been kept in perspective while developing the plan.

The SBP governor said the Vision 2028 revolved around six strategic goals — maintaining inflation within the medium-term target range, enhancing efficiency, effectiveness, fairness and stability of the financial system, promoting inclusive and sustainable access to financial services, transforming to a Sharia-compliant banking system, building an innovative and inclusive digital financial services ecosystem, and transforming the central bank into a high-tech, people-centric organisation.

“These strategic goals are built to cover five cross-cutting themes, including strategic communication, climate change, technological innovation, diversity and inclusion, and productivity and competitiveness,” he said.

Published in Dawn, November 18th, 2023