State Bank of Pakistan (SBP) Governor Jameel Ahmed informed the Senate’s Standing Committee on Finance and Revenue about the forthcoming launch of the Central Bank Digital Currency (CBDC).
Learning from Other Central Banks’ Experiences
During the meeting held at Parliament House, Senator Saleem Mandviwalla chaired the committee, where the SBP governor revealed that the central bank is studying the experiences of other central banks that have piloted digital currencies.
SBP’s Cautionary Approach to CBDC
The governor emphasized that the SBP is taking a cautious approach and reviewing the work of other central banks before proceeding with the launch of the CBDC.
Closure of SME Bank Due to Losses
In addition, the SBP governor announced the permanent closure of the Small and Medium Enterprises (SME) Bank, citing significant losses incurred since its establishment. Refunds are being issued to SME account holders.
