The Senate Standing Committee on Economic Affairs, chaired by Senator Saifullah Abro, uncovered that commercial banks profited by selling dollars at inflated prices, earning 65 billion rupees.
Chairman of the committee expressed concerns about the State Bank of Pakistan’s lack of oversight, stating that the central bank took three months to realize the situation.
Referring to a statement made by former finance minister Ishaq Dar in 2022, Abro noted that these profits were made at the expense of the public and should be returned.
The committee instructed the Economic Affairs Division to recover the money from the involved banks.
Senator Kamran Murtaza questioned if anyone was held accountable for selling expensive dollars. The State Bank officials acknowledged regulatory violations by the banks and mentioned that a penalty of 1.4 billion rupees was imposed on the commercial banks involved.
However, Murtaza pointed out that the 1.4 billion rupee fine was inadequate compared to the 65 billion rupee profits.
The committee has demanded a detailed report from the State Bank on the matter, with plans to display it publicly on a large screen for review. Action will be taken against the banks involved based on the report’s findings.
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