Pakistan on Wednesday reinforced contingency plans to ensure operational resilience and secure communication lines across financial institutions following Indian attacks and the subsequent stock market dip.
The Pakistani military brought down five Indian jets in retaliation for late-night strikes launched by its neighbouring country at six sites in Punjab and Azad Jammu and Kashmir.
The plans were fine tuned at an emergency meeting presided over by Finance Minister Muhammad Aurangzeb through video link from London currently on a two day visit to promote investment opportunities in the country.
The emergency meeting was convened to assess the current financial landscape in light of escalating regional tensions following the recent belligerent Indian aggression.
The finance minister said: “Pakistan’s financial system remains stable and secure, and all relevant authorities are working in close coordination to uphold national economic integrity in the face of emerging challenges.”
The participants of the meeting were informed that contingency plans have been reinforced to ensure operational resilience and secure communication lines across financial institutions.
The meeting was attended by the governor of the State Bank of Pakistan, chairman of the Securities and Exchange Commission of Pakistan (SECP), the finance secretary, and senior officials from the Finance Division.
In a comprehensive and strategic discussion revolving around the situation and functioning of equity, debt, foreign exchange and interbank markets, the participants conducted a rapid risk assessment and evaluated the current threat perception with an emphasis on ensuring national financial stability and security.
“Recognising the critical importance of market stability, the participants of the meeting reaffirmed the government’s firm commitment to maintaining business continuity across all financial and allied sectors,” the finance ministry said.
Key assurances were extended to stakeholders, underscoring that robust measures are being implemented to safeguard Pakistan’s economic infrastructure and provide calm, clarity, and confidence to the financial markets.
“The participants also emphasised the importance of heightened vigilance against a wide range of threats, with a special focus on cybersecurity and communication infrastructure,” it added.
“To maintain proactive oversight, the meeting decided on regular reviews of the evolving situation. These ongoing evaluations will support the government’s efforts to provide consistent guidance and timely reassurance to the financial markets and the wider business community.”
Soon afterwards, the Securities and Exchange Commission of Pakistan (SECP) convened an emergent meeting to assess the situation in the wake of geopolitical tension in the region.
“In order to preserve market stability and investor confidence at this time, the SECP reaffirms its commitment to ensure continuity in capital market operations,” a statement read.
The Capital Market Infrastructure Institutions (CMIIs), including the Pakistan Stock Exchange (PSX), National Clearing Company of Pakistan and Central Depository Company, also participated in the meeting. They assured that robust and efficient risk management measures are in place for ensuring smooth functioning of Pakistan’s capital markets.
“In response to the current situation, the SECP has advised all CMIIs to immediately enhance their security protocols and operational continuity measures,” the statement read.
“This includes strengthening cybersecurity defenses across all trading, risk management, clearing, and settlement systems and activating full business continuity plans. The CMIIs were further advised to reinforce their physical security arrangements at all facilities,” the statement added.
“The SECP remains vigilant and will issue further updates, as necessary. Market participants are encouraged to continue operations as usual, with the SECP and CMIIs closely monitoring developments to safeguard market integrity,” it concluded.
