State of Pakistan (SBP) has sent the name of seven economists for selection of two external members of Monetary Policy Committee (MPC) after Dr Hafeez Pasha refused to accept the position and another member's term expired, well informed sources told Business Recorder. In terms of Section 9(D)(1) of the State Bank of Pakistan (SBP) Act, 1956, Monetary Policy Committee (PMC) is to be constituted consisting of: (i) Governor, or in his absence, a Deputy Governor ( Chairperson); (ii) three senior executives of SBP, to be nominated by the Governor (members); (iii) three members of the Board, to be nominated by the Board (members); and (iii) three external members who shall be economists to be appointed by the Federal Government on the recommendation of the Board (members).
The sources said that Federal Government approved the appointment of Dr Hafiz Pasha and Dr Naved Hamid as external members of PMC through a notification on January 31, 2019 with effect from January 24, 2019. SBP has revealed that Dr Hafeez Pasha has conveyed his inability to join the Monetary Policy Committee as an external member, while the term of Dr Aliya Hashmi ended on March 21, 2019, the SBP therefore requested appointment of two members of MPC.
The SBP Board has recommended the following for consideration of the federal government for selection of the two external members: (i) Dr Asad Zaman;(ii) Dr Aliya Hashmi Khan; (iii) Dr Qazi Masood; (iv) Dr Musleh ud Din; (v) Dr Tariq Banuri; (vi) Dr Athar Maqsood Ahmed; and (vii) Dr Hanid Mukhtar. Finance Ministry has requested the federal government to appoint two external members from the above panel.