The State Bank of Pakistan (SBP) on Friday argued that the proposed amendments to its Act would neither compromise economic sovereignty, nor would it become a “state within a state”, while facing severe criticism over the proposed handing over of its autonomy to the International Monetary Fund (IMF) for the $6 billion loan programme. The central bank issued two papers in a bid to clarify the situation about the proposed amendments to the SBP Act. The amendments, it added, would help in boosting coordination between the finance minister and the SBP governor to better strike a balance between economic growth and inflation reading. The bank contended that international experience had shown that price stability was a necessary condition for sustained growth and development. NAB and the FIA would have their full jurisdiction to investigate SBP officials for criminal or corruption related matters.

Source: The Express Tribune January 08, 2022 21:30 UTC