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Board of State Bank of Pakistan can remove Governor: Minister

Minister said that autonomy of the central bank is aimed at making SBP free from political influence

ISLAMABAD: Hammad Azhar, Federal Minister for Energy said the State Bank of Pakistan (SBP) Board is empowered to remove the SBP Governor.

Addressing a press conference with Federal Information Minister Fawad Chaudhry in Islamabad, Hammad Azhar said baseless speculations are circulating in media about the SBP amendment bill and powers of Governor. Under the new SBP law, the board of the central bank is fully authorised to remove Governor.

Azhar said that Pakistan Muslim League-N made a similar amendment in 2015 which they are not critical of. 

He also said that there are certain measures for which SBP needs federal government’s permission.

“Now you should decide who gave SBP complete independence and who protected it.”

Energy Minister emphasized on central bank’s autonomy to make it free from political pressures.

The cabinet has recommended the National Assembly and Senate secretariats to add those members in standing committees who do not have conflict of interest. 

“We have seen that contractors became part of standing committees on communication and IT professionals are added to standing committee on IT. This creates a conflict of interest,” said Cahudhry. 

He said that the law minister has been asked to draft a law and change rules of business to weed out conflict of interest.

Javed Mahmood
Written By

I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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