Tag Archives: SBP

The Covid-19 global shock will bring to an end the western predominance and should awaken Pakistan to finally decolonize its thinking and the concepts it follows. During the last twenty to thirty years regional and global power relations have changed decisively and they still keep changing.

Facing multiple problems because of COVID-19 complicating both Ramadan and the normal hot weather turning into a heat wave, Pakistan cannot forget that it is in deep trouble because of the already stricken economy which will keep deteriorating as unemployment increases dramatically with the closing of industrial, commercial and services businesses.

A Central Bank is only as good as the authority its personnel exercises with competence, honesty and integrity. Facing threats, intimidation, coercion and even blackmail, etc, State Bank of Pakistan’s unsung heroes truly deserve a medal.

Some suave banking crooks in Pakistan facilitate terror financing, an integral part of organized crime.  The military’s frustration at the government’s rhetoric not matching deeds is evident from their last Corps Commanders Conference. Pakistan must target these white-collar criminals funding the vital nexus between organized crime and terrorism.

Taxation revenues will only improve if Pakistan uses its existing financial transaction mechanism laws properly, which will choke flow of funds for terrorist financing. The country has the laws, the need is to strengthen and implement them.

Terrorism can only be eliminated by targeting the nexus between politicians, corruption and organized crime.

Salutary examples must be made by Pakistan’s central bank, and if not SBP then the National Accountability Bureau, to protect the public interest from white collar criminals in the financial services sector.