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Article: Cut in state bank's autonomy. (State Bank of Pakistan)
- Article from:
- Economic Review
- Article date:
- January 1, 1994
- Author:
CopyrightCOPYRIGHT 1994 Economic and Industrial Publications. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Among several corrective measures, the caretaker regime tried to ensure the autonomy of the State Bank of Pakistan through passing two ordinances on October 6, 1993. The principal objective behind the autonomy was not to allow the State Bank to slip into the position of a government department because of the danger inherent in financing the undue large budget deficit through printing of notes or borrowing from the banking system. Such a state of affairs has, over the course of years, badly damaged the image of the State Bank on the one hand, and let loose the price level to go up unbridled, on the other.
In order to circumvent the situation, the present Government ...
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