Can’t Release Profit on Blocked Foreign Currency Accounts: SBP Governor
The State Bank of Pakistan (SBP) on Thursday said it cannot take any action on the issue of profits linked … Read More The post Can’t Release Profit on Blocked Foreign Currency Accounts: SBP Governor appeared first on ProPakistani .
The State Bank of Pakistan (SBP) has clarified it cannot take any action on the profits tied to foreign currency accounts sealed in 1999 until the court reaches a verdict, according to a report by ProPakistani. The issue was deliberated by the Senate Standing Committee on Finance and Revenue, during which SBP Governor Jameel Ahmad informed lawmakers that the case is presently pending before the court.
He specified that the dispute involves four parties, and the central bank is awaiting the court's decision before taking any further steps. Senator Talha Mahmood expressed concern over the fact that a significant sum has been frozen for several years, urging the matter to be resolved expeditiously. Committee Chairman Saleem Mandviwalla also emphasized the need for a swift resolution.
The committee had been addressing the issue of non-payment of profits on foreign currency accounts that were confiscated in 1999.
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