Prime Minister Shehbaz Sharif has halted a move to allow dual nationals to hold key positions at the State Bank of Pakistan (SBP), rejecting a cabinet committee’s unanimous recommendation to lift the restriction. This decision led to the second consecutive deferment of the State Bank of Pakistan Amendment Bill 2024.
The PM’s firm stance maintains the 2022 restriction barring dual nationals from becoming SBP governor, deputy governors, or monetary policy committee members. This rule aligns with the existing ban on dual nationals serving in Parliament. While the Finance Ministry advocated for lifting the ban, arguing that subject specialists are often dual nationals, the PM remained unconvinced, citing concerns about commitment and long-term allegiance.
Notably, former SBP Deputy Governor Dr. Inayat Husain, a dual national, faces uncertainty regarding his potential reappointment. If the restriction remains, the central bank may have to part ways with experienced professionals like him.
The government initially imposed this restriction amid IMF-driven reforms, though the IMF itself did not demand such a ban. The Senate Standing Committee on Cabinet recently debated a similar proposal, seeking to bar civil servants from holding dual nationality, reinforcing the broader national policy on loyalty.
The cabinet has now tasked a review committee with assessing the implications of lifting the ban or modifying it to allow exemptions for exceptional candidates. The final verdict will shape Pakistan’s economic governance, balancing expertise with national interests.
NEWS DESK
PRESS UPDATE