Government of Pakistan sources said the finance ministry has proposed around a dozen amendments to the SBP Act, which the Ministry of Law has vetted. A summary has been sent to the federal cabinet for approval, signalling a shift in the government's approach to financial policy.
The proposed amendments would allow dual nationals to serve as governor, deputy governors, and non-executive directors on the central bank's board, according to sources. This restriction was initially imposed in January 2022, following broad amendments to the SBP Act, which were influenced by the International Monetary Fund (IMF) and the preferences of the former governor. Notably, however, the IMF did not specifically advise the restriction on dual nationals.
The government has proposed an amendment to Section 13 of the SBP Act, which addresses the disqualification of the governor, deputy governors, directors, and members. The current clause disqualifies any person holding dual nationality from serving in these roles. The new amendment proposes to remove the term "having dual nationality" from this section, effectively lifting the restriction.
