Pakistan consults banks on financial stability as Middle East conflict rattles global markets
KARACHI: Pakistan’s finance minister held consultations with the country’s banking sector on Wednesday to review potential economic risks from the escalating Middle East conflict and ensure financial stability, according to a government statement.
The virtual meeting between Finance Minister Muhammad Aurangzeb and senior representatives of the Pakistan Banks’ Association (PBA) came as tensions involving the United States, Israel and Iran have driven volatility in global oil and financial markets, raising concerns for import-dependent economies such as Pakistan.
Islamabad has already faced pressure from rising fuel prices and potential supply disruptions in energy markets, prompting officials to closely monitor global developments and assess possible impacts on inflation, external accounts and broader macroeconomic stability.
“The discussion focused on the evolving economic and financial situation in light of prevailing regional developments and the importance of close coordination between the government, the State Bank of Pakistan, and the banking sector to ensure financial stability and uninterrupted financial services,” the finance ministry said in a statement after the minister's meeting with PBA officials.
