“Governor of State Bank Highlights Economic Recovery and the Importance of Women’s Financial Inclusion”

Karachi: Governor of the State Bank, Jameel Ahmed, has stated that the economy has started to recover due to the government’s and central bank’s tough decisions, emphasizing the need to avoid repeating past mistakes and to capitalize on the current opportunity to build a sustainable economy.
During the inaugural ceremony of the Women Entrepreneur Finance Code (WeFinance Code) Pakistan, Governor Jameel Ahmed, along with Deputy Governor Saleem Allah and representatives from the Asian Development Bank, addressed the gathering. Several local bank presidents were also present at the event.
Speaking at the event, Governor Ahmed expressed his gratitude to the Asian Development Bank (ADB) team for making the WeFinance Code possible. He stressed that achieving a sustainable economy requires macroeconomic stability.
“The economy faced several challenges recently, but through the hard decisions made by the government and the State Bank, the economy has now shown signs of recovery. Inflation is at its lowest, the current account is in surplus, foreign exchange reserves have increased, and exchange rates remain stable,” Governor Ahmed remarked.
He further emphasized that it is essential not to repeat the mistakes of the past and that this is the right moment to shift toward a sustainable economy. “We need to seize this opportunity and move towards a resilient economy,” he added.
Governor Ahmed noted that inflation had dropped to its lowest level in nine years in fiscal year 2025. He attributed the economic recovery to stringent monetary and fiscal policies, which helped control economic decline. Furthermore, external accounts have shown improved performance, stabilizing the foreign exchange market. The current account surplus is driven by remittances and exports.
He also revealed that the State Bank’s foreign exchange reserves had surpassed $14 billion. “The monetary policy has supported the exchange rate policy, which has contributed to the economic improvements. Sustainable economic activities are now growing in Pakistan. The promotion of the private sector is enhancing competition and improving quality,” Governor Ahmed remarked.
Despite the economic challenges faced in recent years, the efforts of the government and the State Bank have led to a better economic outlook. Inflation is under control, and the focus is on reforms, expanding the tax base, and privatizing state-owned enterprises.
Governor Ahmed also pointed out the need to increase women’s financial inclusion, as women make up 22% of the country’s workforce. He noted that banks face issues related to accessibility, financial inclusion, and digital onboarding for women. The lack of women’s participation in the financial system has resulted in lower savings and limited investment.
“We are committed to increasing women’s financial inclusion. The State Bank is the champion of the WeFinance Code, and we plan to expand this program to financial institutions, educational institutions, and the private sector. Twenty banks have already joined the effort, and we will encourage other stakeholders to participate,” Governor Ahmed said.
Earlier, Deputy Governor Saleem Allah highlighted that the State Bank has been working on financial inclusion for two decades. He revealed that financial inclusion had increased from 16% to 67% during this period. However, women’s inclusion remains low, with 52% of women lacking a bank account, and only 2% of women availing loans from banks.
He also emphasized that the WeFinance Code is being introduced at a critical time and will play an important role in enhancing women’s financial inclusion. “Twenty banks have already signed up for the WeFinance Code, and we are grateful to the Asian Development Bank for their support,” he added.
Furthermore, Senior Finance Director of ADB, Ms. Christine, mentioned that women’s financial inclusion in Pakistan is still below a third of the population. She stated that the banking sector in Pakistan holds vast opportunities, and through the WeFinance Code, the State Bank will accelerate women’s financial inclusion.
“I am pleased that ADB is supporting the WeFinance Code, and we will provide $500 million in loans under this program. The initiative will help extend credit to millions of women across the country,” Ms. Christine said.
The WeFinance Code aims to support the financial empowerment of women, bridging the gender gap in Pakistan’s banking sector, and providing women with better access to financial services, including loans, savings, and investment opportunities.