'Monetary policy not autonomous'

Well-known economist professor Qaisar Bengali has said that the foreign banks were determining the monetary policy of Pakistan. Addressing a seminar on the 'Impacts of privatisation on the economy' here.
He said that Pakistan banking system's 80 percent were currently held in the foreign hands and the monetary policy of Pakistan was not self-governing instead this policy has been made at the behest of the foreign banks.
He said that the way Pakistan's national assets were being privatised has endangered the economic independence of the country and this could be gauged from the fact that Pakistan could not make its own oil policy also. Qaisar Bengali said that the oil companies here didn't reduce the prices despite falling international oil prices and reaped billions in windfall.