The State Bank of Pakistan (SBP) has issued its annual flagshippublication, the Financial Stability Review.
The Review is being published in terms of requirements prescribed inSection 39(3) of the State Bank of Pakistan Act, 1956.
It presents the performance and risk assessment of various segments of thefinancial sector including banks, non-bank financial institutions,financial markets, financial market infrastructures and non-financialcorporates.
Pakistan’s economy experienced a turbulent year as the existing economicimbalances were compounded by the unfavourable external environment.
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The domestic headwinds including the twin deficits, high inflation,catastrophic flooding, delay in the completion of IMF program reviews aswell as the global challenges such as a fast-paced increase in commodityprices and monetary tightening by major central banks in advancedeconomies, manifested in the deteriorating macroeconomic conditions.
Nonetheless, the financial sector showed resilience against these stressesand posted steady performance.