SBP to Take Action Against Banks That Were Involved in Exchange Rate Manipulation

State Bank of Pakistan (SBP) Governor Jameel Ahmad informed the National Assembly’s Standing Committee on Finance and Revenue on Friday that the inquiry against banks for their alleged role in exchange rate manipulation has been completed. While briefing the committee, the governor said that the inquiry has been completed and now all that is left is a final decision on the matter. The governor added that the final decision on action against banks will be taken in the coming week. It is pertinent to mention here that in an earlier meeting of the committee, back in October, the governor had informed the committee that eight banks are being investigated for their alleged role in exchange rate manipulation. At the time, the governor had mentioned that in the first phase, the investigation is being conducted against Habib Bank Limited, United Bank Limited, Allied Bank Limited, National Bank of Pakistan, Bank Al Habib, Standard Chartered, Meezan Bank, and HabibMetro Bank. Minister of State for Finance and Revenue Dr. Ayesha Ghaus Pasha had also assured the committee that the central bank will take action against banks found guilty.