State Bank of Pakistan not authorized to freeze foreign currency accounts

The News updates

Updated at: 1740 PST, Wednesday, October 08, 2008  


KARACHI: The State Bank has dismissed rumours that it will freeze foreign currency accounts in the country, saying that it does not have the authority to do so.

State Bank chief spokesman Wasimuddin told Geo News that the State Bank lacks the authority to do so under the Foreign Currency Accounts Protection Bill-2001.

The State Bank’s clarification comes amid panic amongst citizens, as rumours were rife that the central bank would freeze all foreign currency accounts to service the dwindling foreign reserves.

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