ISLAMABAD: The federal government has finally agreed to give absolute autonomy to the State Bank of Pakistan (SBP), freeing it from responsibilities of supporting economic growth and providing budgetary loans to revive the stalled International Monetary Fund (IMF) programme, a draft bill reveals.
The SBP Amendment Bill, 2021, says that the central bank’s primary objective will be domestic price stability. But neither the inflation target has been set in the bill nor does the government introduce any accountability in case the bank fails to ensure price stability.
The federal cabinet will take up the SBP Amendment Bill for approval in its meeting on Tuesday (today), which is a pre-condition along with about 30 other conditions to revive the stalled $6 billion IMF programme. Read more…..
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