The economy of Pakistan is categorized as a developing economy. It ranks as the 24th-largest based on GDP using purchasing power parity (PPP) and the 46th largest in terms of nominal GDP. With a population of 241.5 million people as of 2023,Pakistan's position at per capita income ranks 161st by GDP (nominal) and 138th by GDP (PPP) according to the International Monetary Fund (IMF).
The Pakistani rupee is the official currency in the Islamic Republic of Pakistan. The issuance of the currency is controlled by the State Bank of Pakistan. It was officially adopted by the Government of Pakistan in 1949. Earlier the coins and notes were issued and controlled by the Reserve Bank of India until 1949,when it was handed over to the Government and State Bank of Pakistan,by the Government and Reserve Bank of India.
The State Bank of Pakistan (SBP) is the central bank of Pakistan. Its Constitution,as originally laid down in the State Bank of Pakistan Order 1948,remained basically unchanged until 1 January 1974,when the bank was nationalised and the scope of its functions was considerably enlarged. The State Bank of Pakistan Act 1956,with subsequent amendments,forms the basis of its operations today. The headquarters are located in the financial capital of the country in Karachi. The bank has a fully owned subsidiary with the name SBP Banking Services Corporation (SBP-BSC),the operational arm of the Central Bank with Branch Office in 16 cities across Pakistan,including the capital Islamabad and the four provincial capitals Lahore,Karachi,Peshawar,Quetta. The State Bank of Pakistan has other fully owned subsidiaries as well:National Institute of Banking and Finance,the training arm of the bank providing training to Commercial Banks,the Deposit Protection Corporation,and ownership of the Pakistan Security Printing Corporation.
National Bank of Pakistan (NBP) is a Pakistani government-owned multinational commercial bank which is a subsidiary of State Bank of Pakistan. It is headquartered in Karachi,Pakistan. As of December 2022,it has over 1,500 branches across Pakistan.
Yi Gang is a Chinese economist who served as the governor of the People's Bank of China from 2018 to 2023,vice governor of the People's Bank of China from 2007 to 2018,director of the State Administration of Foreign Exchange from 2009 to 2015,and assistant governor of the People's Bank of China from 2004 to 2007.
Raghuram Govind Rajan is an Indian economist and the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago's Booth School of Business. Between 2003 and 2006 he was Chief Economist and director of research at the International Monetary Fund. From September 2013 through September 2016 he was the 23rd Governor of the Reserve Bank of India. In 2015,during his tenure at the RBI,he became the Vice-Chairman of the Bank for International Settlements.
Malcolm D. Knight is a Canadian economist,policymaker and banker. He is currently Visiting Professor of Finance at the London School of Economics and Political Science and a Distinguished Fellow at the Center for International Governance Innovation. From 2008 to 2012,Knight was Vice Chairman of Deutsche Bank Group where he was responsible for developing and coordinating the bank's global approach to issues in financial regulation,supervision,and financial stability. He served as general manager of the Bank for International Settlements from 2003 to 2008 and as Senior Deputy Governor of the Bank of Canada (1999-2003),after holding senior positions at the International Monetary Fund (1975-1999).
The National Institute of Banking and Finance (NIBAF) is a subsidiary of the State Bank of Pakistan (SBP) head by the managing director,a board of directors and the governor of State Bank of Pakistan. NIBAF,a non-profit organisation,aims at providing training and development to central and commercial bankers at national as well as international level. One of its important roles is to develop human capital of SBP and its subsidiaries. It has trained 140 participants from friendly countries through 22 weeks of training during the financial year 2006-07.
Muhammad Imtiaz Alam Hanfi was a Pakistani civil servant who served as the governor of the State Bank of Pakistan (SBP) and has been part of various government committees,including the Planning Commission. He was the first central bank governor in the country who came from within the State Bank of Pakistan and not belonging to a political party or international bodies like IMF etc.
Zhu Min is a Chinese economist and is deputy managing director of the International Monetary Fund. He was the inaugural special advisor to the managing director. Zhu has held senior positions at the Bank of China from 2003 to 2009 and was a deputy governor of the People's Bank of China from 2009 to 2010.
The Financial Monitoring Unit is the Financial Intelligence Unit (FIU) of Pakistan established under the provisions of Anti-Money Laundering Act,2010. It is an independent intelligence service department of the Government of Pakistan and primarily responsible for analyzing transactions,money laundering cases,building efforts against the terrorist financing,and all sorts of financial crimes within the jurisdiction of financial laws of Pakistan.
Ashraf Mahmood Wathra was the 18th Governor of State Bank of Pakistan. He was appointed as the State Bank Governor on 29 April 2014 and served until 28 April 2017.
Mohammad Uzair,was a Pakistani economist,senior bureaucrat,and professor emeritus who has held various public offices. He has written articles,and books on economics,finance,business administration,education,religion,and travel.
Kassim Parekh,was a Pakistani banker who served as the 11th Governor of the State Bank of Pakistan from September 1989 to August 1990. Previously,he served as a president of Habib Bank Limited.
Muhammad Yaqub is a Pakistani economist who served as the 12th Governor of the State Bank of Pakistan from 1993 to 1999.
Amir Yaron is an Israeli-American economist and the current Governor of the Bank of Israel. Prior to serving as Governor,Yaron served as Professor of Banking and Finance at the Wharton School,University of Pennsylvania.
Reza Baqir is a Pakistani economist who served as the 20th Governor of the State Bank of Pakistan,from 4 May 2019 to 4 May 2022.
Anwar Ali was a Pakistani economist who was the third governor of the Saudi Arabian Monetary Agency. He headed the agency from 1958 to his death in 1974. Ali also held several positions at the ministry of finance in India and Pakistan and at the International Monetary Fund.
Murtaza Syed is a Pakistani economist and policymaker who served as the acting governor of the State Bank of Pakistan in 2022.
Jameel Ahmed is a Pakistani banker who has served as the Governor of the State Bank of Pakistan since August 2022.
