There was a time that the State Bank of Pakistan was known for providing timely, accurate and unbiased economic data and analyses, even at times when its assessment of the economy was at odds with a rosy picture painted by the Ministry of Finance. Unfortunately, however, for SBP and for this nation; those days are now long gone.
Weeks earlier, the central bank was on the receiving end of much criticism when it released the Annual Report FY12 after a delay of many months, and failed to offer any reasonable explanation this tardiness. Now it seems SBP has made a habit of concealing or delaying the release of information.
SBP quietly posted two quarterly reports on its website on Saturday. Under previous SBP Governors, the First Quarter Report has typically been released by the first week of February. However, under Governor Yasin Anwar that report has been published on April 13, 2013.
Thankfully, the Second Quarter Report has also been published simultaneously giving the impression that this lag will now seize. However it should be noted that this report is also late, compared to the tenures of previous SBP Governors. Despite being months behind schedule, both reports appear to have been put together in haste. Two letters of transmittal are supposed to be attached in each report, addressed to the Chairman Senate and Speaker of National Assembly by the SBP Governor.
But blame cannot be placed entirely on the central bank either. It is the Board of Directors that has to finally approve these reports before they are published. Until recently the Board consisted of one director from the private sector, Mirza Qamar Beg. The other two were the Governor SBP and the Secretary Finance. The questions that beg answers are why the Secretary Finance is allowed some form of veto on the Board, and whether or not the other two board members not meeting their responsibilities.