Local democracy or elected despotism?

By Ali Cheema Published in DAWN on January 31, 2022 LESS than a year after assuming power PTI fulfilled its promise of radically reforming local government legislation in Punjab. Punjab’s 2019 Local Government Act introduced a party-based directly elected mayoral system. Well established in the US, this system has been adopted by several cities in England, in […]

State Bank’s role

Published in DAWN on January 31, 2022 THE passage of the SBP Amendment Bill that gives absolute powers to the central bank will remove the last hitch in the way of the revival of the suspended IMF programme. But it would also drastically change the bank’s job description and its relations with the country’s fiscal authorities. The[…]



Our monetary policy goals

By Riaz Riazuddin Published in DAWN on January 29, 2022 WHAT should be the goals of our monetary policy? Should it be to maintain price stability or promote growth, or both? It must be both, as universally accepted worldwide, because money and credit influence both inflation and growth. Excessive money results in inflation when growth is close[…]