SBP Governor highlights potential of data utilization for economic growth

Karachi: Governor State Bank of Pakistan (SBP) Jameel Ahmad on Wednesday emphasized that the unprecedented volume of data generated by digital devices underscore the potential of effective data utilization in contributing to sustained economic growth, societal welfare, poverty reduction, and improved living standards across the diverse SAARC region.

He said while inaugurated SAARCFINANCE Seminar titled ‘Potential Role of Big Data in Economic Policy’.

The event brought together distinguished delegates, subject matter experts, and esteemed speakers from the SAARC region to discuss the impact and implications of big data in shaping economic policies.

Governor SBP highlighted the growing role of big data in central banking, financial inclusion, and how the SBP is incorporating big data analysis in policy making.

He also shared examples of how the central bank uses big data analytics for economic analysis, leveraging satellite imagery data, and harnessing the power of machine learning algorithms for fraud detection and prevention.

Governor SBP also highlighted the legal and regulatory challenges related to privacy and confidentiality.

He called for strong data protection laws and underscored the importance of addressing the current costs associated with technological infrastructure and skilled human resources.

Governor SBP called upon SAARC member nations to collaborate in building a data-driven ethos in the region, ensuring inclusive benefits and responsive policies.

He expressed optimism that multilateral and regional economic bodies, such as SAARC, could play a crucial role in setting industry standards and regulatory best practices for the adoption of Big Data analytics.

The seminar was attended by policy and market experts from reputable organizations includes International Monetary Fund (IMF), World Bank (WB), International Finance Corporation (IFC), Arab Monetary Fund (BUNA), Meta, Google, and the Pakistan Bureau of Statistics (PBS).

Chief Statistician PBS Dr. Naeem Uz Zafar, Digital Finance Expert IFC Matthew Sal, Ex-Governor SBP Dr Ishart Hussian and other renowned public policy experts also spoke on the seminar.

The speakers discussed opportunities, recent experiences, and potential use cases of Big Data in Pakistan and the SAARC Region.