Here’s an excerpt from my new blogpost for the Monetary Policy Institute, which you can read here:
The man-made political culture and institutional architecture of policy in Pakistan are fraught with difficulties. In this blogpost, I try to shed light on some of these difficulties. Earlier this year, the State Bank of Pakistan Act 1956 was amended to grant the Pakistani central bank (henceforth the SBP) near absolute independence. I consider this change in the institutional framework through the lens of my previous post for the Monetary Policy Institute, in which I argued that central banking needs a capitalist manifesto.