Karachi
The business community has lauded the efforts of the State Bank of Pakistan (SBP) to stabilize the economy through soft loans to the industrial and other important sectors.
In a statement on Saturday, they said that the central bank is pumping billions in the economy to keep it from going down while forwarding advances to keep millions of jobs intact which is praiseworthy.
The business leaders said that the central bank should not delay further reduction in the interest rates if possible under the current circumstances.
They said that SBP is trying its best to cope with the situation but on the other hand, some elements are blaming it for inflicting a loss of Rs6.5 billion to the exchequer by facilitating speculative behaviour of commercial banks.
The SBP administration should not remain silent on the issue and come up with a satisfactory clarification as a prolonged silence is creating doubts in the minds of masses, they said.
The business community has asked the SBP authorities to transfer officials working for years on an assignment so that no one can point figure towards this institution and the transparency in the financial markets can be ensured.
Silence over accusations will also raise questions about autonomy to the bank therefore immediate action has become imperative, they demanded.
The central bank has a significant role to play, and it is the regulator of the banking sector is responsible to ensure that the banks do not exploit their customers, including the largest client the federal government.
The bank should improve its internal governance without any delay by reshuffling officers who were serving in the same position for a considerable period for ensuring transparency and the efficiency of the financial markets.—INP
