Former Interior Minister and Chairman Institute of Research and Reforms Senator A. Rehman Malik has said that the proposed SBP legislation will prove dangerous for the economy and the country. He said that Pakistan will fall in a highly economic danger zone resultantly we all in Pakistan will suffer heavily. He hoped that the Government will not bulldoze SBP Act 2021 through Parliament.
In a statement, he said that the State Bank of any country is the main regulator of overall financial system and banking of that country that monitors smooth functioning of the banks as per given governmental national policy. But, unfortunately, our State Bank of Pakistan – the central bank of the country, the ownership of the people of Pakistan will no longer be under the government after this legislation, he added.
He said that FATF’s continuous interference has already played havoc with Pakistan’s economy and now the new forced so-called independence of SBP under the direction of International Monetary Fund (IMF) is aimed to further destroy it. He expressed that this Act will prove dangerous for the economy and the country. He said that the Governor State Bank of Pakistan will be no longer answerable to any agency and even to the Parliament of our country.
Senator Rehman Malik said that the proposed legislation was planned since one year and he was hinting by giving vocal statements about this looming economic disaster and it will not be wrong to say that State Bank Act amendments will prove a tsunami for Pakistan economy and bombshell for businessmen and common man. He said that it is now merely a public confessional statement for declaration of SBP independence and his statement is on record that State Bank of Pakistan was restricting the telegraphic transfers of exports by business community on various lame pretext.
He said that after this, State Bank of Pakistan will not be answerable to Election Commission of Pakistan (ECP) to produce any evidentiary documents for foreign funding to political parties, NGOs, and any objectionable transaction detrimental to cause of Pakistan or any other required vital transaction for investigation purposes. “All the transactions with our friendly countries will be subject to monitoring. Finally, Pakistan falls in a highly economic danger zone resultantly we all in Pakistan will suffer heavily,” he added. He said that Pakistani Rupee is already linked with dollar / floating market and now Rupee will further slide down with a jet speed as per the directions and desire of our indirect ruler- IMF.
He said “I appeal to the Cabinet to revoke its decision over SBP legislation in greater national interests.” He said this action if implemented will be first ever precedent in the world that a government has given-up powers to the central bank.