Islamabad: The State Bank has been asked to provide a detailed report regarding commercial banks earning PKR 65 billion by selling expensive dollars.
During a meeting of the Senate Economic Affairs Committee, Chairman Safullah Abro stated that in 2022, Ishaq Dar had claimed that banks made PKR 65 billion, which is public money that should be returned. He directed economic officials to recover this amount from the banks involved.
Senator Kamran Murtaza questioned whether anyone had been held accountable for selling expensive dollars. State Bank officials explained that regulatory violations had occurred on the part of the banks, and a panel had taken action against the involved commercial banks, imposing a fine of PKR 1.4 billion for these violations.
Senator Murtaza remarked that while commercial banks earned PKR 65 billion from selling expensive dollars, they were only fined PKR 1.4 billion.
The Chairman assured that when the report arrives, it would be displayed on a large screen, and actions would be taken against the banks based on its findings.
The meeting also discussed the use of the IMF loan. The Chairman stated that the committee has repeatedly sought loans from the IMF and requested clarification on how these loans are utilized.
State Bank officials explained that the IMF loan is used to run the economy, and it can only be utilized for balance of payments. The loans cannot be spent on anything other than balance of payments, and the IMF is approached only when there is a need for balance of payments. Without such a need, one cannot go to the IMF.
They further clarified that the loan is used for debt servicing in the balance of trade, and IMF inflows are strictly for support purposes. Only the State Bank can utilize IMF funds, not the government.
