On Monday the National Assembly Standing Committee on Finance and Revenue cleared the State Bank of Pakistan (SBP) Amendment Bill 2021. With a couple of changes suggested by the members of the parliament.
Moreover, Pakistan Tehreek-i-Insaf (PTI) MNA Faiz Ullah headed the panel. Finance Minister Shaukat Tarin assured that the bill did not envisage absolute sovereignty to the central bank, but only aimed to improve its independence. He also added that the government will designate the board of directors. They will control the central bank and its senior administration.
Furthermore, the committee recommended three major alternations to the bill. Which included a bar on the appointment of double nationals as SBP governor; a two-year restraint on the employment of a governor in an institution that he/she may have engaged in negotiations with; and, making the governor and bank’s senior management answerable to parliament.
Bill proposed by the National Assembly committee will be cleared after an official confirmation by the Ministry of Finance. They had “officially requested the International Monetary Fund (IMF) to reschedule the meeting of the board of directors for the approval of 6th review till end-January”.