Islamabad, Feb 28: Prime Minister Shehbaz Sharif has reinforced the ban on dual nationals from holding key positions in the State Bank of Pakistan (SBP), including governor, deputy governors, and members of the Monetary Policy Committee. Despite a cabinet committee’s unanimous proposal to amend the SBP Act and lift the restriction, the prime minister intervened to maintain the existing rule.
The federal cabinet, for the second time, postponed approval of the State Bank of Pakistan Amendment Bill 2024 due to Shehbaz Sharif’s firm stance. This ban, initially imposed in 2022 as part of amendments influenced by the International Monetary Fund (IMF), was not explicitly mandated by the IMF but was introduced as a safeguard for national financial policymaking.
Finance Minister’s Stance & Legislative Review
Finance Minister Muhammad Aurangzeb has advocated for allowing dual nationals to serve in SBP leadership roles, citing the need to attract global expertise. However, opposition from the prime minister has kept the restriction intact. Meanwhile, the Senate Standing Committee on Cabinet is deliberating on a broader legislative measure to bar civil servants from holding dual nationality, potentially extending restrictions beyond the central bank.
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To ensure a thorough evaluation, the cabinet has assigned a planning minister-led committee to reassess the proposed amendments. This committee will determine if exemptions should be granted and whether similar nationality-based restrictions should apply to other government institutions.
This decision underscores the government’s commitment to ensuring that individuals overseeing the country’s monetary policies have an undivided allegiance to Pakistan’s national interests.
