Ijaz Kakakhel Islamabad
Senate Standing Committee on Finance and Revenue on Wednesday deliberated on high interest rate and its impact on business community while Senator Zeeshan Khanzada claimed that unrealistic hike in rate made it difficult for business to sustain.
The committee meeting was held in parliament house while Senator SaleemMandviwalla was on Chair. Deputy Governor SBP, Dr. InayatHussain, apprised that the interest rate has been increased to control the rising inflation and it has bear significant result in past few months.
Senator Saleem Mandviwalla posed a question as to how the interest can be effective in controlling the growing inflation and directed the SBP to provide a comprehensive report in this regard.
The Committee was briefed on difficulties confronted by Political exposed persons (PEP) in availing the financial services. Deputy Governor SBP stated that the system is in place wherein a focal person has been deputed in every branch to sort such issues, however, the system has failed to provide desirable results due to unknown reasons. The Committee recommended to senstize all banks to make functional the dedicated PEP officers in all commercial banks, designated on the direction of this committee earlier.
Moreover, the Senate body discussed the causes of reported low scores of Pakistan’s banks in terms of their human rights policies. Representatives from Fair Finance Pakistan emphasized that Fair Finance is committed to ensured that financial institutions in Pakistan prioritize the social and environmental welfare of local communities.
They highlighted the need for Pakistan to embrace a Green Banking policy that incorporates environmental and social concerns into financial operations. The Deputy Governor of the State Bank of Pakistan (SBP) mentioned that SBP is making dedicated efforts to align with international standards, aiming to improve the well-being of individuals.
While deliberating on massive money laundering by solar panel importers, Member Customs apprised that seven companies have been identified who were involved in money laundering and six FIRs have also been registered against them.
