The study examines the role of the State Bank of Pakistan (SBP) in supporting economic growth and development. The research explores the historical and institutional role of the State Bank of Pakistan vis-à-vis its core and dual functions, as well as its coordinator role with the Federal government in macroeconomic management. Through extensive literature review and interviews with key informants who have experience in management of the central bank, and in devising and executing monetary policy, the study examines the role that SBP has played in financial deepening and financial inclusion as well as constraints it faces, especially in regards to coordination of monetary policy with fiscal imperatives of the government. The study will then make recommendations on ways in which the State Bank of Pakistan can enhance its impact on economic growth and development in general.