Pakistan’s financial system completely stable, secure: Aurangzeb

ISLAMABAD: Finance Minister Muhammad Aurangzeb, in a virtual meeting, stated on Wednesday that Pakistan’s financial system was completely stable and secure, and that all relevant authorities were working in close coordination to uphold national economic integrity in the face of emerging challenges.

The participants also emphasized the importance of heightened vigilance against a wide range of threats, with a special focus on cybersecurity and communication infrastructure. Contingency plans have been reinforced to ensure operational resilience and secure communication lines across financial institutions.

An emergency meeting was convened in the Finance Division under the chairmanship of Federal Minister for Finance and Revenue Muhammad Aurangzeb, joining on Zoom to assess the current financial landscape in the light of escalating regional tensions following the recent Indian aggression.

The meeting was attended by the State Bank of Pakistan governor, Securities and Exchange Commission of Pakistan (SECP) chairman, finance secretary, and senior officials from the Finance Division.

In a comprehensive and strategic discussion revolving around the situation and functioning of equity, debt, FX and interbank markets, participants conducted a rapid risk assessment and evaluated the current threat perception with an emphasis on ensuring national financial stability and security.

Recognising the critical importance of market stability, the meeting reaffirmed the government’s firm commitment to maintaining business continuity across all financial and allied sectors. Key assurances were extended to stakeholders, underscoring that robust measures are being implemented to safeguard Pakistan’s economic infrastructure and provide calm, clarity, and confidence to the financial markets.

To maintain proactive oversight, the meeting decided on regular reviews of the evolving situation. These ongoing evaluations will support the government’s efforts to provide consistent guidance and timely reassurance to the financial markets and the wider business community.

The finance minister reiterated that Pakistan’s financial system remains stable and secure, and that all relevant authorities are working in close coordination to uphold national economic integrity in the face of emerging challenges.

Meanwhile, the finance ministry announced the launch of its first Green Sukuk. This pioneering financial instrument is set to revolutionise Pakistan’s sukuk market by channelling investments into environmentally sustainable projects while fostering economic growth.