ISLAMABAD: The government has proposed amendments to the State Bank of Pakistan Act to appoint dual nationals as governors and deputy governors of the central bank and to legalize digital currency.
According to sources, the Ministry of Finance has proposed about a dozen amendments in the State Bank of Pakistan Act, the Ministry of Law has reviewed them, and a summary has been sent to the Federal Cabinet in this regard. There will be a major change in policy.
Sources said that the proposed amendments include allowing persons with dual citizenship to appoint governors, deputy governors and non-executive directors of the board of the State Bank. It has been proposed to amend Section 13 on disqualification by deleting the word “dual citizenship” whereby dual citizens cannot hold these positions.
According to the sources, the tenure of State Bank Deputy Governor Dr. Inayat Hussain, who has dual citizenship, is ending on November 8. At the time of appointment, there was no restriction on dual citizenship. . Another deputy governor with dual citizenship is Dr. Saeed Ahmed, who has been an adviser to the IMF.
Sources said that the concept of digital currency is being introduced for the first time in the proposed amendment bill, earlier the State Bank has been rejecting the demand for digital currency and issuing warnings against its use. The proposed amendment bill includes a new definition of digital currency, according to which currency issued by a bank in digital form under section 24 shall be legal tender money under section 25.
Under the same sections, currency notes issued by the State Bank are called legal tender money. Under the proposed amendment bill, the State Bank will establish a new subsidiary to run the digital payments system. is included.
