ISLAMABAD: A detailed report has been sought from the State Bank regarding the commercial banks earning Rs 65 billion by selling expensive dollars.
In the economic affairs committee meeting of the Senate, the chairman of the committee, Saifullah Abaru, said that in 2022, Ishaq Dar made a statement that the banks earned 65 billion, this is the money of the poor people, which should be returned. The chairman committee directed the economic affairs authorities to recover this money from these banks.
Senator Kamran Murtaza questioned whether anyone was held responsible for selling the expensive dollars. State Bank officials said there were regulatory violations by the banks and penal action was taken against the involved commercial banks, with a fine of Rs 1.4 billion for regulatory violations.
Senator Kamran Murtaza said that commercial banks earned 65 billion rupees by selling expensive dollars, but the banks were fined only 1.4 out of 65 billion.
The chairman committee said that if the report comes, we will put it on the big screen here and take action against the banks involved in the light of the report.
The issue of using the IMF loan was also discussed in the meeting. The chairman committee said that we are repeatedly going to the IMF for a loan, it should be told where the loan taken from the IMF is used.
State Bank officials said that the IMF loan is used to run the economy, the IMF loan can only be used for the balance of payment, we cannot use the loan for anything other than the balance of payment and we One goes to the IMF only when there is a need for balance of payment, one cannot go to the IMF without necessity.
State Bank officials further said that the loan is used for debt servicing in the balance of trade, IMF inflows come only for support, no one else can use the IMF fund except the State Bank. The loan is given only to the State Bank and not to the government.
