ICCI urges consultation with all stakeholders on SBP amendment Bill 2021

ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) has urged the government to hold thorough consultations with all stakeholders including the business community on the proposed amendment Bill 2021 of SBP.

It is finalized by addressing concerns and reservations of all stakeholders and is not passed into law in haste to meet the demands of the lender of last resort.

Sardar Yasir Ilyas Khan, President, ICCI said the central banks play an important role in the economic development and growth of countries as they contributed towards the stability of the financial system and improve access to credit for the private sector.

However, according to the proposed bill, supporting economic policies of the government would no longer be deemed as a primary goal of SBP, which has created many concerns in the business community.

He said one of the main objectives of SBP was to take initiatives for ensuring price stability to save people from rising inflation, but SBP in the past remained unsuccessful multiple times to ensure price stability.

He said one disturbing proposal in the bill was about the immunity of SBP from NAB and the FIA, however, he raised questions about who would make SBP accountable in case it failed to ensure price stability in future.

ICCI President urged the government to include an inflation target in the proposed bill to make it beneficial and more people friendly so that inflation should remain under control and people were saved from the problems of rising prices.

Yasir Ilyas Khan urged the government to move forward with utmost care on this important issue and took all stakeholders on board so that all concerns and reservations were addressed before passing proposed amendment into a law.