SBP Amendment Bill-2021 Approved: NA Committee
Islamabad: Monday, the National Assembly (NA) standing committee passed the “State Bank of Pakistan (SBP) Amendment Bill 2021,” according to news sources (January 10). The most recent amendments proposed by committee members involve the selection of the SBP governor and his or her accountability to the legislature.
Treasury members have reportedly claimed that the law intends to give the government fiscal stability and financial autonomy. The legislature can alter the measure with a simple two-thirds vote if the government thinks it is essential. The opposition recommended three adjustments to the selection of the SBP governor. The suggested alterations are as follows:
- A ban on the selection of dual nationals as SBP governors
- A two-year ban on a governor’s ability to work for an institution with which he or she has negotiated.
- Parliamentary accountability of the governor and senior SBP management
According to the proposed legislation, the government will not be permitted to borrow directly from the central bank for fiscal adjustments but rather from the private sector. Likewise, a board of directors will be created to govern and control the central bank and its executive leadership. It is essential to stress that the bill was filed in the legislature in accordance with the government’s agreements with the Worldwide Monetary Fund (IMF) to grant the central bank autonomy along with international practices.
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