Pakistan’s Ministry of Finance has activated reinforced contingency plans to ensure the resilience of its financial operations and secure communication networks following Indian airstrikes and the resulting dip in stock market activity.
The strikes, which targeted six sites in Punjab and Azad Jammu and Kashmir, were met with a swift military response, with Pakistani forces shooting down five Indian jets.
Finance Minister Muhammad Aurangzeb, currently in London on a two-day visit to promote investment, chaired an emergency video conference on Wednesday to evaluate the economic impact of the escalating tensions.
“Pakistan’s financial system remains stable and secure,” Aurangzeb assured, emphasizing that all relevant agencies are working closely to preserve the nation’s economic stability in the face of emerging challenges.
The high-level meeting, which included the governor of the State Bank of Pakistan, the chairman of the Securities and Exchange Commission of Pakistan (SECP), the finance secretary, and senior Finance Division officials, focused on assessing risks across equity, debt, foreign exchange, and interbank markets. The group prioritized strategies to maintain market stability, operational continuity, and investor confidence.
In a statement, the finance ministry reaffirmed the government’s commitment to ensuring uninterrupted operations across financial and allied sectors, assuring stakeholders that robust measures are in place to safeguard the country’s economic infrastructure.
Participants emphasized the need for heightened vigilance, particularly around cybersecurity and critical communication systems, agreeing to conduct ongoing reviews to track the evolving situation and deliver timely reassurances to financial markets and the wider business community.
Following the government meeting, the SECP convened its own urgent session to review capital market operations in light of rising geopolitical tensions.
“The SECP reaffirms its commitment to ensuring continuity in capital market operations to preserve market stability and investor confidence during this period,” read an official SECP statement.
Representatives from the Pakistan Stock Exchange (PSX), National Clearing Company of Pakistan, and Central Depository Company also participated, assuring that robust risk management protocols are already in place to ensure smooth capital market functioning.
In response to the current crisis, the SECP directed all Capital Market Infrastructure Institutions (CMIIs) to immediately strengthen security protocols and business continuity measures. This includes reinforcing cybersecurity protections across trading, clearing, and settlement systems, as well as boosting physical security at key facilities.
The SECP emphasized its ongoing vigilance and commitment to issuing timely updates as needed. Market participants were urged to continue normal operations, with the assurance that authorities are closely monitoring the situation to safeguard market integrity and maintain investor confidence.
