Pakistan moves to allow dual nationals in central bank appointments

The Pakistan government is set to introduce major amendments to the State Bank of Pakistan Act, paving the way for dual nationals to hold senior positions in the country’s central bank.

A cabinet committee has approved the removal of restrictions on appointing dual nationals to key posts, with the federal cabinet expected to review the State Bank of Pakistan (Amendment) Bill, 2024 on Tuesday. Approval is also likely, officials said.

A six-member committee, formed by the cabinet in December 2024, agreed to delete the dual nationality condition from the act. The committee, led by Minister for Planning and Development Ahsan Iqbal, stated in its recommendations that candidates with dual nationality would be required to disclose their second nationality.

The committee argued that the amendment would enable the recruitment of highly qualified professionals in a timely manner. However, the ban on dual nationality will remain in place for the governor of the SBP, while restrictions for other senior officials will be eased.

Finance Minister Muhammad Aurangzeb and Defense Minister Khawaja Asif also supported the decision, saying it would help attract financial experts with international experience.

The move marks a shift in government policy, as several cabinet members had previously opposed the appointment of dual nationals to the State Bank in November 2024.

Officials now say the amendment will improve financial policy, attract international investment, and speed up institutional reforms.

The Law and Justice Division has also backed the decision, endorsing the requirement that officials disclose any foreign nationality.

The bill is expected to be presented to parliament for final approval following its expected clearance by the federal cabinet.

The development comes as Senate Standing Committee on the Cabinet Secretariat approved a bill barring civil servants from holding dual citizenship.

The bill, formally titled the “Civil Servants Amendment Bill 2024,” was introduced by Senator Dr Afnanullah of the ruling Pakistan Muslim League-Nawaz (PML-N) as a private member’s bill on Sept. 9, 2024.

After review, the committee passed the bill by a majority vote.