Govt to keep ban on dual nationals in SBP

Prime Minister Shehbaz Sharif has decided to keep the ban on dual nationals from becoming governors, deputy governors, or members of the Monetary Policy Committee of the State Bank of Pakistan (SBP). 

Initially imposed in 2022, this restriction was under discussion for removal, but the prime minister rejected the proposal. 

Dual nationals

The federal cabinet has been considering the State Bank of Pakistan Amendment Bill 2024, which proposed removing the ban, and recently a cabinet committee voted unanimously in favour of the ban. 

The prime minister, however, intervened, and the cabinet put the bill on hold for a second time. The move impacts senior posts at SBP, which has a significant role in determining Pakistan’s monetary policy and economic course. 

The restriction was initially proposed in January 2022 as part of IMF-influenced amendments to the SBP Act. However, the IMF did not specifically call for this limitation. 

Finance Minister Muhammad Aurangzeb supported lifting the restriction, citing that it would enable Pakistan to enjoy the services of very competent experts who possess dual nationality.

Regardless of his backing, the prime minister remained adamant about keeping the restriction in place.

Meanwhile, the Senate Standing Committee on Cabinet is also examining a different bill that proposes to prohibit civil servants from enjoying dual nationality. 

Furthermore, the government has appointed a committee headed by the planning minister to further examine the issue. The committee will also consider whether similar prohibitions should be imposed on other government departments.