The State Bank of Pakistan (SBP) said in a strategic plan released on Friday that it aimed in coming years to implement a flexible inflation targeting regime that balanced long term price stability and economic growth.

The central bank’s five-year strategic plan said the bank aimed to adopt an inflation target regime and conduct research “to arrive at an agreement on the definition of price stability with the government”.

SBP Governor Jameel Ahmad launched SBP’s strategic plan, SBP Vision 2028, for the period 2023-2028 in a ceremony held on Friday at the SBP Karachi.

SBP Vision 2028, the first plan after amendments in the SBP Act, highlighted the central bank’s vision, mission and key goals to be pursued over the next five years. The strategic plan has been developed through a consultative and inclusive process with key stakeholders.

“SBP Vision 2028 represents SBP’s commitment to foster price and financial stability and to contribute in a sustainable economic development of the country,” SBP Governor Ahmad said and added that evolving risks and challenges to the economy and financial stability, including climate change, rapid digital innovations and disruptions, and growing cyber security threats, have also been kept in perspective while developing the plan.

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He elaborated that the SBP Vision 2028 revolved around six strategic goals that include maintaining inflation within the medium-term target range, enhancing efficiency, effectiveness, fairness and stability of the financial system, promoting inclusive and sustainable access to financial services, transforming to a Shariah compliant banking system, building an innovative and inclusive digital financial services ecosystem, and transforming SBP into a high-tech, people-centric organization.

“These strategic goals are built to cover five cross-cutting themes, including: strategic communication, climate change, technological innovation, diversity and inclusion, and productivity and competitiveness.”