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Pakistan

SBP high ups unaware of the account wherein NCA’s £190mn deposited

SBP Deputy Governor said Pakistan has received 190mn pounds from United Kingdom’s NCA in National Bank of Pakistan.
Updated 13 Dec 2019
  • SBP Deputy Governor said Pakistan has received 190mn pounds from United Kingdom’s NCA in National Bank of Pakistan.
  • The deputy governor was inquired about $450 million inflows into the SBP when the former PM was going abroad.

The Senate Standing Committee on Finance was left infuriated after a top official of the State Bank of Pakistan (SBP) said he was unaware of the account in which £190 million received from United Kingdom National Crime Agency (NCA) were deposited.

While briefing the Senate Standing Committee on Finance, chaired by Farooq H Naek, SBP Deputy Governor Jamil Ahmad said that Pakistan has received 190 million pounds from United Kingdom’s NCA in the National Bank of Pakistan (NBP) but was unaware of the account wherein the money was deposited.

His statement infuriated the members and Senator Mushahid Ullah said, “Standing committee is extension of the Parliament and he [deputy governor] is not giving answer to the members' questions with regard to details of 190 million pounds."

Senator Mushahid also inquired from the deputy governor about $450 million inflows into the SBP when the former Prime Minister was going abroad. He said that inflow led to speculations of some kind of deal and wanted to know whether SBP has been purchasing dollars from the market or not.

“We purchase dollars from the market if there is an opportunity, but the senator's statement that SBP has been purchasing 200 million dollars from the market every week is inaccurate," Ahmad said.

Days ago, the British government transferred the settlement amount of £190 million to the Pakistani government after the UK's NCA agreed settlement of property and assets worth billions of rupees belonging to a Pakistani business tycoon in Frozen Funds investigation.