SBP

State Bank of Pakistan (SBP)

May 1948 was the day when Muhammad Ali Jinnah (Founder of Pakistan) took steps to establish the State Bank of Pakistan immediately. These were implemented in June 1948, and the State Bank of Pakistan commenced operation on July 1, 1948.

At the time of its formation, the SBP neither had any building for housing its offices nor was there sufficient time for purchase and construction of new premises. Therefore, Victoria Museum Building at the Ingle Road was rented from the Karachi Municipal Corporation and swiftly refurbished. The Bank was inaugurated on July 1, 1948 by Quaid-e-Azam Muhammad Ali Jinnah, who thus observed on the guiding principles of the newly-created central bank.

SBP has been witness to various historic moments. The State Bank itself was inaugurated by Quaid-i-Azam Muhammad Ali Jinnah on 1st July, 1948. In the end I thank you, Mr. Governor, for the warm welcome given to me by you and your colleagues, and the distinguished guests who have graced this occasion as a mark of their good wishes and the honor your have done me in inviting me to perform this historic opening ceremony of the SBP which I feel will develop into one of our greatest national institutions and play its part fully throughout the world.”