Please refer the letter published in Business Recorder of September 23, 2005 written by S.M. Idrees regarding Governor of State Bank of Pakistan, which is quite correct.
I also request the President of Pakistan and the Prime Minister that performance of Dr Ishrat Hussain is very much remarkable and banking needs more improvement in different fields.
It is necessary that Dr Ishrat Hussain be given another term for at least 5 years to continue promotion of Banking Industry.
II
Dr Ishrat Hussain, Governor of State Bank of Pakistan, has lately been travelling far and wide to address a variety of forums, be it the chambers of commerce, Institute of Bankers, talk shows etc to project his achievements, directly or indirectly, over the past five years.
He may think he has many achievements to his credit but he can hardly justify his role in giving unbridled freedom to banks to play havoc with the depositors and the borrowers alike.
The role of the State Bank of Pakistan has practically been reduced to that of a post office.
The Banking Supervision Dept. is doing practically nothing but helping banks achieve their objectives without any let or hindrance.
The Credit Information Bureau of the SBP is there to back up the banks to subdue their borrowers, by hook or crook.
The private credit bureaus are having a field day for SBP has conveniently absolved itself of the responsibility to monitor the operations of these bureaus.
I strongly urge the government to relieve the governor at the expiry of his contract period.
If the government thinks otherwise, let there be a public debate on the performance of the SBP over the past five years.
MUMTAZ A. PIRACHA (KARACHI)
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