A startling scandal has emerged involving commercial banks, accused of earning a staggering Rs65 billion by selling expensive dollars. The Senate Standing Committee on Economic Affairs, chaired by Senator Saifullah Abro, has taken notice of the situation and announced actions against the banks involved.
During a recent meeting of the committee, Senator Saifullah Abro expressed serious concerns over the issue, recalling that in 2022, the then finance minister Ishaq Dar had revealed the banks' illegal profits of Rs65bn from the sale of overpriced dollars.
"This money belongs to poor people, and it must be returned," the committee chairman stated emphatically.
Senator Kamran Murtaza asked whether anyone had been held accountable for the sale of these expensive dollars. In response, officials from the State Bank of Pakistan (SBP) also acknowledged the violations committed by the banks.
They informed the committee that a fine of Rs1.4 billion had been imposed on the involved banks. However, this penalty was met with scepticism by Senator Murtaza, who pointed out that the banks earned Rs65 billion illegally and the fine imposed was only Rs1.4 billion.
The committee has demanded a detailed report from the State Bank within two weeks, identifying those responsible for the malpractice. The Ministry of Economic Affairs has also been directed to take measures to recover the money from the banks involved. The committee also stressed the need for stringent action to ensure that such incidents do not occur again.
The committee also discussed the utilisation of the International Monetary Fund (IMF) loan. The chairman inquired about the use of IMF funds, to which State Bank officials responded that the IMF loan is strictly used for balance of payments and cannot be accessed by anyone other than the State Bank. They further clarified that approaching the IMF is only done out of necessity.
The Senate Standing Committee on Economic Affairs has made it clear that it will not tolerate financial misconduct and is committed to holding those responsible accountable. The upcoming report from the State Bank will be crucial in determining the next steps in this unfolding financial scandal.
