Lawmakers on Wednesday urged the government to abolish provisions in the laws governing the State Bank of Pakistan (SBP) and the Securities and Exchange Commission of Pakistan (SECP) that allow their top officials to decide their own salaries and benefits without government oversight.
At a meeting of the Senate Standing Committee on Finance, chaired by Senator Saleem Mandviwalla, Senator Anusha Rehman termed the SBP Amendment Act 2022 a “serious conflict of interest,” noting that it empowered the SBP board, headed by the governor, to set the pay and perks of the governor and deputy governors. She called for restoring the government’s authority over such decisions, as was the case before 2019.
The committee was informed that the salary of former SBP governor Reza Baqir was fixed at Rs. 2.5 million per month, with a 10% annual increase, later raised to Rs4m under the amended law. Similarly, senators voiced concern over the SECP chairman’s benefits, which reached Rs. 381 million, questioning the lack of objections from the finance secretary or minister despite board-level reservations.
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Senator Mohsin Aziz demanded a thorough probe into the issue, cautioning against public debate that could damage institutional credibility. A Finance Ministry note confirmed that the SBP board approved a Rs4m monthly salary for the governor in October 2023, in line with “competitive financial sector practices.”
