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State Bank of Pakistan

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Overview

The State Bank of Pakistan (SBP), established on July 1, 1948, serves as the central bank of Pakistan. This overview highlights its key roles, functions, and evolution:

The SBP operates under the State Bank of Pakistan Order 1948 and the State Bank of Pakistan Act 1956, with subsequent amendments forming the basis of its operations.

Primary Functions

  • Issuance of currency
  • Conduct of monetary policy
  • Regulation and supervision of the financial system
  • Acting as a bankers' bank and lender of last resort
  • Serving as the banker to the Government

Secondary Functions

  • Management of public debt and foreign exchange reserves
  • Advising the Government on policy matters
  • Maintaining relationships with international financial institutions

Developmental Roles

  • Developing financial frameworks and institutionalizing savings and investment
  • Providing training through the National Institute of Banking and Finance (NIBAF)
  • Promoting microfinance, SMEs, and agricultural finance
  • Encouraging Islamic banking and financial instruments

Organizational Structure

  • Central bank (core functions)
  • SBP-Banking Services Corporation (SBP-BSC) (retail arm)
  • National Institute of Banking and Finance (NIBAF) (training)
  • Other subsidiaries: Deposit Protection Corporation and Pakistan Security Printing Corporation

Governance

The Board of Directors, appointed by the Federal Government, oversees SBP's affairs, supported by various subcommittees.

Evolution and Reforms

  • Nationalized in 1974
  • Implemented financial sector reforms in the 1980s
  • Introduced technological advancements for modernization
  • Launched initiatives like SBP Vision 2020

Current Initiatives

  • Enhancing financial inclusion and access to finance
  • Developing robust payment systems
  • Strengthening organizational efficiency and effectiveness The State Bank of Pakistan continues to play a crucial role in regulating the country's financial system, implementing monetary policy, and driving economic development.

Leadership Team

The State Bank of Pakistan (SBP) and its subsidiary, the SBP Banking Services Corporation (SBP BSC), are led by a structured team of experienced professionals:

State Bank of Pakistan (SBP)

Governor

Mr. Jameel Ahmad, appointed on August 26, 2022, for a 5-year term. He brings over 31 years of experience in senior positions at SBP and the Saudi Central Bank (SAMA).

Central Board

  • Chairman: Governor SBP (Mr. Jameel Ahmad)
  • Ex-officio Member: Federal Secretary, Finance Division (Arif Ahmed Khan)
  • Eight Non-executive Directors: Nominated by the Federal Government, representing each province:
    • Tariq Hassan
    • Hafiz Mohammad Yousaf
    • Zubyr Soomro
    • Khawaja Iqbal Hassan
    • Ardeshir Khursheed Marker
    • Bairum Khan
    • Sarmad Amin
    • Laiba Sengsy

SBP Banking Services Corporation (SBP BSC)

Board of Directors

  • Chairman: Governor SBP (Mr. Jameel Ahmad)
  • Ex-officio Member: Federal Secretary, Finance Division (Arif Ahmed Khan)
  • Eight Non-executive Directors: Nominated by the Federal Government, representing each province
  • Managing Director: Mr. Muhammad Ashraf Khan (since February 1, 2019)

Senior Management

  • Managing Director: Mr. Muhammad Ashraf Khan
  • Deputy Managing Director: Position not specified
  • Group Head HR & Support Services: Mr. Amjad Manzoor
  • Director Human Resource Management: Syed Shehzad Safdar Zaidi
  • Head of Department Strategic & Corporate Affairs / Corporate Secretary: Mr. Hasnain Taher Dahodwala
  • Director Currency Management: Mr. Javaid Iqbal
  • Head of Department Foreign Exchange Operations: Mr. Shakeel Paracha
  • Head of Department General Services: Mr. Tariq Riaz
  • Head of Department Internal Audit: Mr. Asif Mumtaz This leadership structure ensures efficient management and governance of Pakistan's central bank and its key subsidiary, guiding the country's financial policies and operations.

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