In a significant reaffirmation of policy, Prime Minister Shehbaz Sharif has maintained the prohibition against dual nationals serving in high-ranking positions within the State Bank of Pakistan (SBP). This includes roles such as governor, deputy governors, and members of the Monetary Policy Committee. The decision came as a rejection of a cabinet committee’s recommendation to allow dual nationals to assume these critical posts.
The federal cabinet recently put off the State Bank of Pakistan Amendment Bill 2024 for a second time, following direct intervention by the Prime Minister. This move underscores his firm stance on the issue, despite the cabinet committee’s unanimous agreement to revise the SBP Act.
Initially instituted in January 2022, influenced by IMF-driven reforms, the ban was not explicitly required by the international lender. However, it has sparked ongoing debates within governmental circles. Finance Minister Muhammad Aurangzeb has notably argued for lifting the ban to draw international talent to Pakistan’s central banking system.
Concurrently, the Senate Standing Committee on Cabinet is deliberating a separate bill aimed at preventing civil servants from holding dual nationalities. A committee led by the Planning Minister is set to review further amendments, considering possible exemptions and the potential expansion of similar restrictions to other government bodies.
This policy stance highlights the government’s dedication to ensuring that the leadership of key financial institutions remains exclusively in the hands of Pakistani nationals, reflecting a prioritization of national interests and concerns over possible foreign influences.
