President, Lasbela Chamber of Commerce and Industry (LCCI), Ismail Suttar, has warned the federal government against shifting any Sate Bank of Pakistan's departments to Lahore. He asked the government to be wary of being trapped by the bureaucracy to do injustices with business and industrial community of Karachi.
He urged the government to refrain from taking any anti-business steps which will prove to be detrimental and counterproductive for the economy keeping in view the enormous role and substantial contribution being made by Karachi in the overall economic development of Pakistan. He deplored the federal government's decision to shift State Bank's four departments to Lahore, terming it totally unjustified.
Ismail said that no one from business and industrial community would welcome this decision of the government as there is no justification for that. "The government does not have even one good reason to move central bank's four strategic departments to any other place as Karachi is being the largest business, commercial, industrial and financial hub and international sea port and airport are located in this city," Ismail said adding that moving four departments would disintegrate the central bank and adversely affect its performance.
He said that none of the SBP's high ups had consented to shift any of its departments to any other place and opined that it would badly affect the bank's performance. He warned that disturbing an autonomous organisation that makes country's monetary policies and has close interaction with the trade and financial circles thus it has nothing to with the bureaucracy.
He pointed out that State Bank of Pakistan's headquarter remained in Karachi since Pakistan's inception and even when the capital of country was shifted to Islamabad in 60s, the SBP's headquarter continued to operate from Karachi as the decision makers, at that point, were wise enough to realise the significance of this crucial port city that also has head offices of over 98 percent banks and financial institutes as well.
Comments
Comments are closed.