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KARACHI: National Business Group chairman and Pakistan Businessmen and Intellectuals Forum president Mian Zahid Hussain has supported the decision of the government to empower the State Bank of Pakistan (SBP) through legislation.

Limiting the government’s role will reduce political interference and it will be able to discharge its duty according to the mandate which will benefit the economy while controlling inflation, he said.

Mian Zahid Hussain said that the government should consider the reservations of the stakeholders and try to introduce a proper accountability mechanism in the central bank.

He said that serious problems will crop up without the control of elected representatives on the activities of the bank as submitting an annual report in the parliament means nothing.

The SBP is a national institution and not a private business which should be out of control of every authority and it should be answerable to the parliament.

In case the proposed amendment becomes law, the government will be left with no option but to appoint weak persons violating merit which will cripple the institution, he remarked.

Copyright Business Recorder, 2021

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