ISLAMABAD – The government has announced drastic changes in the State Bankof Pakistan.
Addressing a press conference on Tuesday, Finance Minister Abdul HafeezSheikh said that the tenure of the SBP president will be of five years.
“The monetary fiscal board is being abolished. Like other countries, therole of the SBP will be to control prices and inflation. The practice ofgetting a guarantee from the State Bank of Pakistan is being abolished,” headded.
Abdul Hafeez Sheikh said that the cabinet had approved three basicprinciples and their objective is to improve and strengthen economy. “TheSBP will be made accountable before the parliament. The government-ownedinstitutions should be under a central system and the role of ministriesshould be abolished,” he maintained.
He said that the government would appoint CEOs of companies of the board.”It tax exemption to companies should be abolished. Some sections of thesociety have been given tax exemption and it should be abolished,” he added.
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The minister said that all sections of the society will have to pay theequal tax.
On the other hand, the federal cabinet has approved State Bank of PakistanAmendment Bill and Institute of Education Draft Bill.