The Senate Standing Committee on Economic Affairs has resolved to recommend further action against banks implicated in the 2022 currency manipulation scandal. This decision was made during the committee’s meeting earlier today.

The committee has demanded a comprehensive report within two weeks and has instructed relevant chambers to participate in the next session to discuss the opening of costly Letters of Credit (LCs) for US Dollars.

During the meeting, it was revealed that commercial banks earned Rs. 65 billion in 2022 by selling US Dollars at significantly inflated rates. Committee Chairman Senator Saifullah Abro emphasized that this money belongs to the people and should be recovered from the banks.

Officials from the State Bank of Pakistan (SBP) informed the committee that the banks involved were fined Rs. 1.4 billion. However, one participant expressed dissatisfaction with the penalty, noting that it was merely a fraction of the Rs. 65 billion profit these banks had made.

The committee has directed the Ministry of Economic Affairs to ensure the recovery of these funds and has requested a detailed report from the SBP on the matter.