Which bank is the central bank of Pakistan, established in 1948?
Answer
State Bank of Pakistan
The State Bank of Pakistan is Pakistan’s central bank, established in 1948.
It was created soon after Pakistan became independent in 1947, when the new country needed its own monetary institution. Muhammad Ali Jinnah, Pakistan’s first governor-general, inaugurated the bank in Karachi on 1 July 1948.
The State Bank issues Pakistan’s currency, conducts monetary policy, regulates and supervises banks, and manages the country’s foreign-exchange reserves. It also supports payment-system development and financial inclusion.
It is frequently confused with National Bank of Pakistan, a state-owned commercial bank established in 1949. National Bank of Pakistan provides banking services, while the State Bank of Pakistan performs the central-bank functions of monetary authority and financial regulator.