Aurangzeb informs Senate: SBP issued no orders to block MPs’ accounts

ISLAMABAD: Finance Minister Senator Muhammad Aurangzeb clarified in the Senate on Thursday that the State Bank of Pakistan (SBP) has not issued any instructions to block the bank accounts of sitting or former members of Parliament.

He said the central bank has instead put in place a mechanism to help resolve any issues related to their accounts. He was responding to a notice moved by Senator Jan Muhammad during the Senate session. Aurangzeb said a circular regarding accounts of politically exposed persons was issued in July 2019, but it did not include any directive to freeze or block accounts of parliamentarians.

The minister said the State Bank has appointed a focal person to deal with matters linked to lawmakers’ accounts. He added that commercial banks have also been instructed to designate focal persons to assist parliamentarians and address complaints.

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According to Aurangzeb, all commercial banks have now nominated their respective focal persons. These officials are responsible for guiding parliamentarians, addressing any account-related queries and ensuring timely coordination with the central bank.

He said the mechanism aims to streamline communication between lawmakers and banks, ensuring that any issues are resolved without delay.

The minister emphasized that no discriminatory action had been taken against current or former parliamentarians. He said the State Bank’s role is to regulate the banking sector and ensure compliance with standard procedures.