Cabinet 'no' to SBP amendment bill

ISLAMABAD: The federal cabinet did not approve the State Bank Amendment Bill 2024 and has deferred its consideration.

It was revealed that the State Bank Amendment Bill 2024 was presented for approval by Finance Division on Monday. But the cabinet did not approve

the bill.

According to government, the amendment bill proposes to delete Section 13A of the State Bank Act. Under the section, there is a ban on dual citizenship for appointment of governor, deputy governor and members of Monetary Policy Committee of the State Bank.

The Finance Division wants this ban to be lifted so that experts from abroad can be brought to these positions.

According to sources, Prime Minister Shehbaz Sharif has expressed reservations over this proposal. He said he himself would chair the committee to review the amendment.

The section banning dual citizenship was included in 2022.

The federal cabinet had formed a committee under the chairmanship of Planning Minister Ahsan Iqbal to review the amendment proposal.