This was revealed in a meeting of the Senate Standing Committee on Industries headed by Senator Saifullah Abro.
The meeting was also attended by officials of the State Bank of Pakistan (SBP). During the meeting, a major revelation was made by JUI-F Senator Kamran Murtaza.
Murtaza claimed commercial banks in Pakistan earned Rs65 billion by selling US dollars at inflated rates. The Senate body chairman cited a 2022 statement from former Finance Minister Ishaq Dar, highlighting the large profit margins.
“This is the public’s money and should be returned,” said Abro, instructing officials of the Economic Affairs Division to recover the amount from the involved banks.
Banks to settle int’l card payments on open market dollar rate
Senator Kamran Murtaza questioned if anyone had been held accountable for selling dollars at exorbitant rates. State Bank officials confirmed that regulatory violations occurred, and punitive action had been taken against the banks.
A fine of Rs1.4 billion was imposed on the commercial banks involved.
Murtaza, however, pointed out the disparity, noting that banks earned Rs65 billion but were fined only Rs1.4 billion. The committee has sought a detailed report from the State Bank regarding the Rs65 billion scandal, with Chairman Abro promising to display the report on a large screen for discussion once it arrives.
Further action will be taken against the banks involved based on the findings of the report.
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