Which institution is Pakistan’s central bank and issues the Pakistani rupee?

The State Bank of Pakistan is Pakistan’s central bank and issues the Pakistani rupee.

It was inaugurated on July 1, 1948, by Muhammad Ali Jinnah, less than a year after Pakistan became independent. The new institution inherited central banking responsibilities for the country from the Reserve Bank of India.

The State Bank regulates Pakistan’s banking and financial system, conducts monetary policy, manages foreign exchange reserves, and supports the stability of the payment system. It also has authority over the issuance of Pakistan’s banknotes.

The State Bank of Pakistan is distinct from National Bank of Pakistan. The latter is a commercial bank, while the State Bank is the monetary authority responsible for the national currency and banking supervision.