“You know it just isn’t fair that everyone – politicians, economists who have held a portfolio in previous governments, media – have expressed their extreme reservations against the State Bank of Pakistan amendment bill approved by the cabinet and tabled in parliament and…”
“The brunt of this bashing is directed at the incumbent Governor Reza Baqir who, his critics maintain, is engaged in a public relations campaign which is why he is in the federal capital for much of the week…”
“See what’s unfair is that the guy cannot respond to criticisms.”
“Well I saw him twice on a private channel which a Governor of a central bank should desist from – I mean it should either be a press conference where all beat reporters are invited or nothing.”
“But is it fair of our politicians to engage in daily bashing…”
“Pakistani politicians, from the highest notably The Khan, Asif Zardari, Nawaz Sharif to the lowest — that’s a toughie because a high level today may be lower than a snake tomorrow - anyway they all learn to bashing from their teething days in politics…”
“Right one only has to look at individual politician’s statements this week past to confirm your observation but if the SBP Governor is not even allowed to come on a private channel, as our politicians are then the poor guy…”
“Hey has Reza Baqir bashing been any less than Azam Khan bashing! I mean I don’t see Azam Khan defending himself or decisions/actions that people claim are due to his influence with the Prime Minister…”
“Can’t compare the two men. Azam Khan is a product of this system, he understands it unlike Baqir…but I reckon there is one other way Baqir can defend himself which will shut up his critics once and for all.”
“Other than go on a massive fumigation drive….”
“Don’t be facetious what I meant was that the SBP has a research department which if I recall correctly is headed by a former IMF staffer, reportedly lured by the Governor to join the SBP, so why does he not ask this department to do what they were hired for.”
“Well they do surveys now…”
“I reckon the Bank should let the private sector undertake perception surveys and instead should concentrate on researching the impact of the decisions taken since 6 May 2019 when Baqir was appointed, especially those that were at variance with previous practice based on previous research for example linking the discount rate to the headline inflation instead of core inflation…”
“And allowing the rupee to be undervalued which is impacting on inflation?”
“The Khan publicly acknowledged that his team was inexperienced when they came to power but a Governor of the central bank does not have the luxury of this defense.”
“That’s true.”
Copyright Business Recorder, 2022