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The Government Recommends Absolute Autonomy for SBP

The Federal Government has agreed to grant entire autonomy to the State Bank of Pakistan (SBP) (SBP). In contrast, the federal cabinet will take up the SBP Amendment Bill for approval in its meeting recently.

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According to a report, the central bank’s principal purpose under the SBP Amendment Bill, 2021 will be to ensure domestic price stability. It would be free from the responsibility of supporting economic growth and providing budgetary loans to restart the stalled International Monetary Fund (IMF) programme.

The bill declares that supporting economic initiatives has been proclaimed a “tertiary objective” of the central bank. Simultaneously, the National Accountability Bureau (NAB) and the Federal Investigation Agency (FIA) cannot probe the SBP governor, deputy governors, executives, and board and committee members.

Similarly, in another key proposal, the Monetary and Fiscal Policies Coordination Board has been proposed to be eliminated to end the “risk of undue political influence over the SBP’s monetary policy,” according to the finance ministry.

The law also proposes the removal of SBP’s ability to operate quasi-fiscal activities.

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