ISLAMABAD – The National Assembly passed the State Bank of Pakistan Act, 1996 and the State Bank of Pakistan (Amendment) Bill 2022 by a majority vote on Thursday, rejecting all changes proposed by the opposition parties.
Opposition parties began a raucous protest as Deputy Speaker Qasim Khan Suri began the process of submitting the bill to the House for a voice vote.
They gathered in front of the Speaker’s chair, waving banners and chanting anti-legislation chants.
Minister for Finance and Revenue Shahukat Fayaz Ahmed Train introduced the bill.
Speaking on the SBP, Bill, 2021, the minister stated that there was nothing wrong with the SBP amendment bill because the government will have the right to nominate the SBP Governor and its board members.
He stated that the government desired to grant the central bank autonomy, which would benefit the country’s overall economy.
Asad Umar, Minister for Planning, Development, and Special Initiatives, stated that because the government has not received any loans from the Central Bank in the previous two and a half years, the passage of the State Bank of Pakistan Bill, 2021, will have no detrimental influence on the country.
He said that the SBP Bill will not cause any problems for the country or the government because it was intended at curbing inflation and issuing unneeded debt.
