Govt move to give autonomy to SBP lauded: Mian Zahid Hussain

President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, FPCCI’s Businessmen Panel Sr. Vice Chairman, and former provincial minister Mian Zahid Hussain on Monday lauded the decision of the government to provide autonomy to the State Bank of Pakistan.

Following the pandemic the role and responsibilities have increased manifold and the move to do the same in Pakistan will have a positive impact, he said.

Mian Zahid Hussain said that the government should complete the process of legislation to empower the central bank so that it can be freed from the clutches of the finance ministry.

Talking to the business community, the veteran business leader said that rules and regulations of the central bank should also be changed notably the rule that governor SBR would also head the board of directors of the bank.

The former minister noted that the government has also started spadework to reform human resource and working of the FBR and provide it some autonomy while the tax system is being simplified, withholding tax is being reduced and dispute resolution mechanism in being tweaked.

He said that there is a greater emphasis on automation which will resolve many outstanding issues of the business community.

The government has also decided to improve transit trade as high cost and other problems have shifted almost 70 percent trade to Iran while the rest of trade can also be lost.

The government has also decided to reform PIA, Railways, SECP and AG office to make them friendly, professional and proper institutions.

Local government laws are also being amended to trigger industrialization and the FPCCI should also be consulted for that so that the business community can give proper input and implementable professional recommendations.

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