Who formally inaugurated the State Bank of Pakistan?
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Answer: A. Quaid-e-Azam
Explanation
Quaid-e-Azam Muhammad Ali Jinnah formally inaugurated the State Bank of Pakistan on July 1, 1948. Establishing a central national bank was essential for regulating currency and managing the fledgling economy. Historical archives highlight his visionary speech during the opening ceremony emphasizing sound financial institutions. Central banks control monetary policy, issue national currency banknotes, and supervise commercial banking sectors. Newly independent states must establish sovereign financial institutions to break away from colonial monetary systems. Economic infrastructure development is a critical pillar of state-building following political independence.
A stable central banking system ensures investor confidence and facilitates smooth commercial transactions nationwide. Monetary authorities manage inflation rates and foreign exchange reserves to protect the national currency value. Historical commemorations honor the founding leaders who laid the cornerstone of Pakistan's financial architecture. Malik Ghulam Muhammad served in ministerial finance roles but did not inaugurate the central bank. Liaquat Ali Khan was the first Prime Minister who supported the initiative but did not perform the inauguration. Allama Muhammad Iqbal was a philosopher poet who passed away years before the central bank was established.
- Subject
- Pakistan Studies
- Category
- Pakistan Studies
- Topic
- —
- Difficulty
- medium
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