The SBP’s autonomy April 22, 2021 If you are enraged by the proposed autonomy of the State Bank of Pakistan (SBP), let me add more fuel to the fire. The SBP needs even more autonomy than the one pending for approval in the parliament. In order to come at par with best international practices, independence from explicit control of government functionaries and other people with market affiliation is an ideal for central banks around the globe. To accomplish that goal, the proposed SBP Amendment Bill 2021 intends to amend the State Bank of Pakistan Act, 1956. First of all, the amendment Bill aims at refining the aspirations of the Bank. The existing objectives of the Bank are reflected in the preamble of the Act. A bare reading exposes the ambiguity. It says that the Bank’s objectives are “to secure monetary stability and fuller utilization of [the] country’s productive resources.” This ambiguity is a roadblock to any meaningful achievement, and more than that it is fair enough to insulate the bank against serious accountability. The proposed amendment to SBP Act sets to incorporate clear targets and quantifiable objectives – price stability, financial stability.