Prime Minister Shehbaz Sharif has reaffirmed the ban on dual nationals serving as the governor, deputy governors, and members of the Monetary Policy Committee of the State Bank of Pakistan (SBP), rejecting a cabinet committee’s recommendation to lift the restriction.

Despite the committee’s unanimous support for amending the SBP Act to allow dual nationals to hold these key positions, the federal cabinet deferred the approval of the State Bank of Pakistan Amendment Bill 2024 for the second time last week. This decision came directly following the prime minister’s intervention, signaling his firm stance against any relaxation of the restriction.

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The ban was originally introduced in January 2022 under IMF-influenced amendments to the SBP Act, though the international lender did not specifically mandate it. Since then, the restriction has remained a point of contention within the government, with Finance Minister Muhammad Aurangzeb advocating for its removal to attract global expertise to Pakistan’s central bank.

Meanwhile, the Senate Standing Committee on Cabinet is also reviewing a separate bill that proposes banning civil servants from holding dual nationality. The federal cabinet has assigned a Planning Minister-led committee to further evaluate the proposed amendments, considering whether exemptions should be granted and whether similar restrictions should be extended to other government organizations.

The government’s decision underscores its commitment to maintaining exclusive Pakistani leadership in key financial institutions, prioritizing national interests over potential foreign affiliations.