ISLAMABAD:
The government has managed to get an important piece of legislation passed from parliament that empowers the State Bank of Pakistan (SBP) to take crucial decisions independently pertaining to interest rates, foreign currency reserves, exchange rate, limit and nature of advances and loans to the government, according to local media sources.
It tabled “The State Bank of Pakistan (Amendment) Bill 2015” in the National Assembly on Thursday in the absence of opposition legislators as they staged a walkout in protest against the attitude of cabinet members, who, according to them, were not taking the house business seriously, reported local media authorities.
The new law paved the way for setting up a statutory monetary policy committee that would take monetary policy decisions independently and without any interference, sources further added.
