ISLAMABAD - Governor State Bank of Pakistan Ashraf Mahmood Wathra has urged the bank employees to discharge their duties sincerely and keep on improving service standards as per Quaid’s vision.

State Bank of Pakistan celebrated 70th Independence Day of Pakistan at the SBP Headquarters II Chundrigar Road in Karachi.

Chief Guest, Governor SBP Ashraf Mahmood Wathra hoisted the national flag amidst thunderous applause. The colorful event commenced with the recitation from holy Quran and subsequently the national anthem was played.

In his inaugural address, the SBP governor felicitated the audience on Independence Day. He recalled that Muslims of the subcontinent achieved Pakistan under dynamic leadership of Quaid-i-Azam Muhammad Ali Jinnah.

The governor said Pakistan faced numerous challenges right after its inception, and one of them was establishment of the State Bank of Pakistan to which the Quaid attached utmost importance.

The governor expressed satisfaction that the SBP had achieved several milestones right after its inception, which, he hoped, would have a long lasting impact on country’s economy.

He said several important economic reforms including legislative changes had been completed during the last three years, which would promote economic growth and its benefits to the general public

He mentioned formation of independent Monetary Policy Committee; disclosure of minutes of Monetary Policy Committee; approval of Deposit Protection Corporation Bill by parliament; Financial Institutional (Recovery of Finances) Amendment Bill and removal of impediments in the growth of SMEs through secured Transaction bill of 2016 as some of the achievements made by State Bank of Pakistan.

He said Pakistan was the first country in SAARC region to form an independent monetary policy committee. The governor said with improvement in power generation, Pakistan needed to fast track its efforts for increase in exports through market diversification & product diversification.

Wathra said IMF programme had been completed successfully for the first time in the history of the country.