{"id":14980,"date":"2022-04-21T21:01:08","date_gmt":"2022-04-21T16:01:08","guid":{"rendered":"https:\/\/dailyrapidnews.com\/eng\/?p=14980"},"modified":"2022-04-21T21:07:18","modified_gmt":"2022-04-21T16:07:18","slug":"the-law-granting-sbp-autonomy-will-undoubtedly-be-repealed","status":"publish","type":"post","link":"https:\/\/dailyrapidnews.com\/eng\/2022\/04\/21\/the-law-granting-sbp-autonomy-will-undoubtedly-be-repealed\/","title":{"rendered":"The law granting SBP autonomy will undoubtedly be repealed."},"content":{"rendered":"\n<p>On Thursday, Defense Minister Khawaja Asif expressed his dissatisfaction with the autonomy granted to the State Bank of Pakistan (SBP) during the PTI-led government&#8217;s tenure.<\/p>\n\n\n\n<p>Following the previous government&#8217;s agreement with the International Monetary Fund (IMF) to resurrect a $6 billion loan, the central bank was given autonomous status.<\/p>\n\n\n\n<p>The SBP Act, 1956 was revised for this purpose by the SBP (Amendment) Act, 2021, in order to improve central bank autonomy, price stability, and accountability.<\/p>\n\n\n\n<p>However, Asif told Geo News&#8217; &#8220;Capital Talk&#8221; that the laws that the previous government altered to fulfil the IMF&#8217;s criteria were still erroneous and needed to be withheld in an interview.<\/p>\n\n\n\n<p>Former Prime Minister Imran Khan &#8220;sold away&#8221; Pakistan&#8217;s economic sovereignty to the United States, according to the defense minister, because Washington has the majority shares in the IMF.<\/p>\n\n\n\n<p>&#8220;As the largest shareholder in the IMF, America has a lot of stakes in the organization. \u201cWhen Imran Khan turned over our central bank \u2014 our bank of last resort \u2014 to the IMF, he sold up our economic sovereignty to them,&#8221; he stated.<\/p>\n\n\n\n<p>The defense minister stated that the coalition government will reverse the decision and restore Pakistan&#8217;s economic sovereignty, but added that the central bank would be allowed monetary policy independence.<\/p>\n\n\n\n<p>&#8220;I will definitely ask Prime Minister Shehbaz Sharif,&#8221; he responded when asked if he would raise the concerns with him.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Thursday, Defense Minister Khawaja Asif expressed his dissatisfaction with the autonomy granted to the<\/p>\n","protected":false},"author":10,"featured_media":14981,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[215],"tags":[414],"class_list":["post-14980","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","tag-sbp"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.4.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The law granting SBP autonomy will undoubtedly be repealed.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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SBP, on the other hand, has expanded working hours for the five-day week. The central bank published a statement in this respect, stating that office hours will be\u2026","rel":"","context":"In &quot;Pakistan&quot;","img":{"alt_text":"State Bank of Pakistan","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2022\/05\/SBP-decides-to-restore-Saturday-holiday-for-bank-employees.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":6831,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/03\/18\/foreign-exchange-sbp-reserves-rise-4m-to-13b\/","url_meta":{"origin":14980,"position":1},"title":"Foreign exchange: SBP reserves rise $4m to $13b","date":"March 18, 2021","format":false,"excerpt":"The foreign exchange reserves held by the central bank rose 0.03% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On March 12, the foreign currency reserves held by the SBP were recorded at $13,019.7 million, up $4 million compared with $13,016.1\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"Foreign-exchange-SBP-reserves-rise-$4m-to-$13b-rapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Foreign-exchange-SBP-reserves-rise-4m-to-13b-rapidnews.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":5290,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/02\/25\/foreign-exchange-sbp-reserves-rise-19m-to-12-9b\/","url_meta":{"origin":14980,"position":2},"title":"Foreign exchange: SBP reserves rise $19m to $12.9b","date":"February 25, 2021","format":false,"excerpt":"The foreign exchange reserves held by the central bank rose 0.14% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. 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On March 5, the foreign currency reserves held by the SBP were recorded at $13,016.1 million, up $38 million compared with $12,978.4\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Foreign-exchange-SBP-reserves-rise-38m-to-13b-rapidnews.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":9264,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/04\/22\/foreign-exchange-sbp-reserves-fall-63m-to-16-04b\/","url_meta":{"origin":14980,"position":4},"title":"Foreign exchange: SBP reserves fall $63m to $16.04b","date":"April 22, 2021","format":false,"excerpt":"KARACHI: The foreign exchange reserves held by the central bank fell 0.38% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. 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The bill presented by Finance Minister Shaukat Tarin faced stiff resistance from the members belonging to the opposition benches. But amid the ruckus, the amendment bill was\u2026","rel":"","context":"In &quot;Pakistan&quot;","img":{"alt_text":"Senate passed SBP amendment bill","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2022\/01\/senate.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/14980","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/comments?post=14980"}],"version-history":[{"count":1,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/14980\/revisions"}],"predecessor-version":[{"id":14982,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/14980\/revisions\/14982"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media\/14981"}],"wp:attachment":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media?parent=14980"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/categories?post=14980"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/tags?post=14980"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}