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Did you know Quaid-e-Azam inaugurated SBP on July 1, 1948

SAMAA | - Posted: Jul 3, 2020 | Last Updated: 1 month ago
SAMAA |
Posted: Jul 3, 2020 | Last Updated: 1 month ago
Did you know Quaid-e-Azam inaugurated SBP on July 1, 1948

Photo: Instagram/@citizensarchive

This week in history, the Citizens Archive of Pakistan shared a photograph of Quaid-e-Azam Muhammad Ali Jinnah and Fatima Jinnah at the State Bank of Pakistan’s inauguration on July 1, 1948.

Taking to Instagram and Twitter, CAP posted a photograph of Mr Jinnah delivering the inaugural address.

“Through the State Bank of Pakistan Order 1948, the Bank was tasked with regulating the issue of bank notes and keeping of reserves with the aim to safeguard monetary stability in the nation, and more generally to run the credit and currency system of the country,” read the caption.

According to the bank’s website, the State Bank of Pakistan is incorporated under the State Bank of Pakistan Act, 1956, which gives the Bank the authority to function as the central bank of the country. The SBP Act mandates the Bank to regulate the monetary and credit system of Pakistan and to foster its growth in the best national interest with a view to securing monetary stability and fuller utilization of the country’s productive resources.

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