Senate passes State Bank of Pakistan (Amendment) Bill 2022

By Muhammad JuniadPublished On 05 Jan 2023

ISLAMABAD: The Senate passed the State Bank of Pakistan (Amendment) Bill 2022 on Friday.

As many as 44 votes were cast in favor of the bill, while 43 members voted against it.

During the passage of the bill, the opposition raised a hue and cry and demanded recounting. The opposition members also besieged the dais of the Senate chairman.

They also tore off the copies the bill. All proposals of the oppositions were rejected.

Earlier addressing a press conference, Finance Minister Shaukat Tarin said that the government was enhancing SBP’s autonomy in line with international practices. It will not be allowed to be absolutely independent.

It was a misconception that the government would have no say in the central bank’s running or that it would lose control over the economy. All major decisions would be taken by the finance minister and the governor," he clarified.

He said that the government will select and appoint the members of the SBP Board that would control the bank and the government could clip the SBP’s wings in case it did not accept the government’s stance. He said that under the proposed law, the IMF required Pakistan to put a stop to government borrowing from the central bank.