Dual Nationals Banned From Becoming SBP Governor

Prime Minister Shehbaz Sharif has banned dual nationals to serve as governor, deputy governors, and members of the Monetary Policy Committee of the State Bank of Pakistan (SBP). This decision came despite a unanimous recommendation from a cabinet committee to lift the restriction through an amendment to the SBP Act, reported Express Tribune. The federal cabinet deferred the approval of the State Bank of Pakistan Amendment Bill 2024 for a second time last week following the prime minister’s intervention. Shehbaz opposed any relaxation of the existing ban, which was first imposed in 2022. The restriction on dual nationals was originally introduced under IMF-influenced amendments to the SBP Act in January 2022, though the IMF did not specifically demand the measure. Pertinently, Finance Minister Muhammad Aurangzeb was in support of allowing dual nationals to take up positions at SBP. Meanwhile, the Senate Standing Committee on Cabinet is considering a bill prohibiting civil servants from holding dual nationality. The cabinet has tasked a Planning Minister-led committee with further reviewing the proposed amendments, evaluating whether exemptions should be granted to candidates and whether similar restrictions should extend to other government organizations.