Can’t Release Profit on Blocked Foreign Currency Accounts: SBP Governor

In practice, the State Bank of Pakistan (SBP) on Thursday remarked it cannot take any action on the problem of profits linked to foreign currency accounts confiscated in 1999 until the court decides the matter.

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• Committee Chairman Saleem Mandviwalla additionally called on an early resolution of the matter.
• The committee had taken up the matter concerning the non-payment of profits on the foreign currency accounts confiscated in 1999.
• Senator Talha Mahmood remarked a substantial amount had remained stuck for a number of years and pressed the matter to be resolved swiftly.

For context, the matter was discussed by the Senate Standing Committee on Finance and Revenue, where SBP Governor Jameel Ahmad informed lawmakers that the case is at present pending before the court.

He remarked the matter involves four parties and that the central bank is waiting for the court's decision before proceeding. SBP to Obtain Bank Data Access Under New Centralized Digital System.

In practice, the committee had taken up the matter concerning the non-payment of profits on the foreign currency accounts confiscated in 1999. Stay Connected with ProPakistani.

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In short, can't Release Profit on Blocked Foreign Currency Accounts: SBP Governor is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.