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Monday 08 July, 2024
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State Bank Act Amendments Are Intolerable: Ishaq Dar

BY Shahzad Saeed Jun 15, 2023. 10:35 pm UPDATED: Jun 15, 2023. 10:35 pm

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Ishaq Dar, the minister of finance, declared on Thursday that the State Bank Act’s revisions were “intolerable.”

The Minister stated that the State Bank amendments are not yet finished during the Senate Committee on Finance and Revenue meeting. The State Bank of Pakistan (SBP), according to the finance minister, is the Bank of Pakistan, not of any other nation.

It is important to note that the finance minister has frequently brought up the State Bank Act amendments over the past few weeks. Dar’s comments make it clear that he thinks these amendments’ increased independence for the central bank has had a negative effect.

Dar referred to the interconnection between fiscal and monetary policies as “imperative” for economic growth after taking over as finance minister last year.

The International Monetary Fund (IMF) had pushed for changes to the SBP Act of 1956 in January of last year as a condition for reviving the bailout program as part of a larger plan to give the central bank total autonomy.

The central bank stated in a brief published in 2021 that the proposed changes are in line with global best practices and also take into account the local conditions in Pakistan. It was emphasized that, in general, the amendments strike a balance between new mechanisms for enhancing transparency and strengthening accountability and the provision of the State Bank with the necessary operational and financial autonomy.

Read more: Sharjah Police Launch Gift Campaign for Timely Renewing Vehicle Registration

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