ISLAMABAD: Prime Minister Shehbaz Sharif has upheld the ban on dual nationals serving as governor, deputy governors, and members of the Monetary Policy Committee of the State Bank of Pakistan (SBP), rejecting a proposed amendment to the SBP Act.
Despite a unanimous recommendation from a cabinet committee to lift the restriction, the prime minister intervened to maintain the existing ban. The federal cabinet, consequently, deferred the approval of the State Bank of Pakistan Amendment Bill 2024 for a second time last week.
The ban on dual nationals was first imposed in January 2022 through IMF-influenced amendments to the SBP Act, though the IMF did not specifically mandate this restriction. Prime Minister Shehbaz Sharif firmly opposed any relaxation of this measure, despite Finance Minister Muhammad Aurangzeb’s support for allowing dual nationals to assume key roles at SBP.
Meanwhile, the Senate Standing Committee on Cabinet is deliberating a bill that seeks to prohibit civil servants from holding dual nationality. Additionally, the federal cabinet has assigned a Planning Minister-led committee to further review the proposed amendments, assessing whether exemptions should be granted and whether similar restrictions should apply to other government institutions.
The decision underscores the government’s stance on ensuring that key financial and administrative positions remain exclusively occupied by Pakistani nationals.
