Financial sector grows 18pc

The recent turmoil from the global trade war has created significant uncertainty, and the State Bank warns it may pose challenges to the national economy. “The heightened uncertainty amid the recent wave of protectionist measures and its associated implications on global economic growth and financial conditions may also pose challenges for the domestic economy,” said State Bank in its annual report. The SBP issued a Financial Stability Review (FSR) for 2024 on Thursday, praising financial institutions for their performance in bringing stability. The report presents the performance and risk assessment of various segments of the financial sector, including banks, microfinance banks (MFBs), development finance institutions (DFIs), non-bank financial institutions (NBFIs), insurance, financial markets and financial market infrastructures (FMIs).