Eight Pakistani banks are being investigated for their alleged roles in exchange rate manipulation, Governor State Bank of Pakistan (SBP) Jameel Ahmad revealed to the National Assembly's Standing Committee on Finance and Revenue on Tuesday.
The eight banks being investigated include Bank Al Habib, National Bank of Pakistan (NBP), Meezan Bank Limited, United Bank Limited (UBL), Allied Bank Limited (ABL) and Standard Chartered, among others.
He said that show-cause notices had been sent to three of the banks — ABL, NBP and Standard Chartered — while the rest of the banks would be investigated in the next phase.
As per a press release by the NA Secretariat, Finance and Revenue Committee Chairman MNA Qaiser Ahmad Sheikh directed the SBP to 'take appropriate action' so that "no one has the audacity to play with the economy of the country."
“The committee was of the view that during recent volatility in the exchange rate and the difference between the interbank rate and the rate offered by exchange companies, the banks earned exorbitant profits," the press release read. Jameel Ahmad assured the committee that upon completion of the investigation, the violators would be heavily penalised.
The eight banks being investigated include Bank Al Habib, National Bank of Pakistan (NBP), Meezan Bank Limited, United Bank Limited (UBL), Allied Bank Limited (ABL) and Standard Chartered, among others.
He said that show-cause notices had been sent to three of the banks — ABL, NBP and Standard Chartered — while the rest of the banks would be investigated in the next phase.
As per a press release by the NA Secretariat, Finance and Revenue Committee Chairman MNA Qaiser Ahmad Sheikh directed the SBP to 'take appropriate action' so that "no one has the audacity to play with the economy of the country."
“The committee was of the view that during recent volatility in the exchange rate and the difference between the interbank rate and the rate offered by exchange companies, the banks earned exorbitant profits," the press release read. Jameel Ahmad assured the committee that upon completion of the investigation, the violators would be heavily penalised.