Proposed amendments will not scrap parliamentary oversight over central bank
State Bank of Pakistan.
PHOTO: FILE
ISLAMABAD:
The proposed amendments to the State Bank of Pakistan (SBP) Act have generated a lot of criticism. Broadly, the criticism focuses on two things: one, the amendments are being allegedly pushed through at the behest of the International Monetary Fund (IMF), which, as the argument goes, should be a sufficient reason for setting them aside.
Two, the proposed changes, if carried through, will spell disaster for Pakistan’s economy, inter alia, by giving untrammeled powers to the central bank. The central bank’s working has hitherto been governed by the SBP Act, 1956 as amended from time to time.
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