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KARACHI, Nov 17 (APP):Governor State Bank of Pakistan (SBP) Jameel Ahmad, Friday, launched the central bank’s 5-year strategic plan, SBP Vision 2028, that consisted vision, mission, and key goals of the banking regulator to be pursued over the next five years from 2023 to 2028.
SBP Vision 2028 was launched in a ceremony held here at SBP Karachi, said a statement issued here adding that the strategic plan has been developed through a consultative and inclusive process with key stakeholders.
It is the first plan after revision in the SBP Act last year and thus takes into account the significantly enhanced mandate, autonomy, and accountability introduced through the changes in the Act.
The Governor SBP, speaking on the occasion, highlighted that SBP Vision 2028 represents SBP’s commitment to foster price and financial stability and to contribute to the sustainable economic development of the country.
Jameel Ahmad stated 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 governor elaborated that the SBP Vision 2028, revolves around six strategic goals that include 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 Shariah-compliant banking system; building an innovative and inclusive digital financial services ecosystem; and transforming SBP into a high-tech, people-centric organization.
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.
A strategy execution mechanism has also been formulated for the effective implementation of a strategic plan which include dissemination of the strategic plan across all the relevant stakeholders for information and necessary action while the plan implementation would be monitored by the Strategic Plan Steering Committee (SPSC).
The SBP Vision 2028 envisages enhancing the banking sectors’ capacity to better manage all risks to financial stability while it also aims at improving SBP’s regulatory and supervisory capacity to proactively identify and assess the individual institutions, as well as the industry-wide risks and take timely measures to ensure financial stability.
The improvement in banks’ conduct, particularly towards their customers, and enhancement in consumer protection will also be among the plan’s key focus areas during the next five years.