Government to Amend State Bank Law Amidst IMF Concerns

Islamabad: Analyst Shahbaz Rana has highlighted that the government is planning significant amendments to the State Bank of Pakistan’s laws, primarily influenced by the International Monetary Fund (IMF). He noted that the 2022 amendments aimed at enhancing the bank’s autonomy have raised concerns, particularly regarding the appointment of a Deputy Governor.
One crucial change proposed is the restriction on dual citizens holding the position of the State Bank’s head. Currently, the government is considering candidates, including the incumbent Deputy Governor Dr. Inayat Hussain, who possess dual nationality. To facilitate their appointment, the government seeks to amend this provision.
Additionally, analyst Kamran Yousaf indicated that the government is looking to implement two major changes through the upcoming amendments. One significant change would allow dual citizens to be appointed as State Bank Governor and in other executive roles within the institution.
Yousaf also pointed out that Pakistan lacks a clear policy on digital currencies, particularly Bitcoin, which has been considered illegal. However, the government is now contemplating legalizing digital currencies and proposing amendments to the State Bank’s law to formally recognize them.