A seminar on “understanding social implications of monetary policy in Pakistan” was held here at the Government College University Lahore on Wednesday under the auspices of its Economics Department.
Vice Chancellor Prof. Dr. Asghar Zaidi chaired the seminar which was addressed by Dr. Sajid Amin Javed, the Research Fellow at Sustainable Development Policy Institute (SDPI).
In his key note address, Dr. Sajid Amin said that monetary policy should be treated as the public policy, and there should be not be any political intervention in the business of the State Bank of Pakistan. “The public sector institution should be autonomous which could operate independently through its schemes and policies targeting the welfare of the public,” he said.
The SDPI Research Fellow provided very insightful findings about the social implications of the monetary policy of State Bank to the audience comprising of senior faculty and students of the GCU.
Dr. Sajid highlighted the fact that it’s the lack of awareness and financial literacy among people that they cannot foresee the anchorage expectations of the SBP and therefore the pressures of inflations are increasing day by day.
He suggested that the SBP should follow a specific indicator for reporting the inflation rate and emphasized upon the accountability of the designated autonomy to the SBP.
Vice Chancellor Prof. Zaidi said that linkages between policy institutes and academic institutions should be encouraged for making students more practical, insightful and research-oriented. He also stressed on changing the approach of conservative teaching in universities towards more dynamic and participatory one.
Prof. Zaidi said that all human beings were naturally different from each other but standardization culture in their education system was not based on diversity but conformity.
Prof. Zaidi said the “after diversity second principle that drives human life is curiosity; if a teacher can just light the spark of curiosity in a student, he will learn without any assistance.” He believes that instead of focusing only on improving system, the government and policy-makers needs to focus more on teachers to make them creative.
The Vice Chancellor appreciated the guest speaker for delivering the findings using very interactive approach and also to Economics Department Chairperson Prof. Dr. Babar Aziz for taking initiative of such kind of intuitive sessions for the young researchers.