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PAC irked by Razas’ SBP-NBP monopoly

ISLAMABAD: The Public Accounts Committee (PAC) of the National Assembly, on Wednesday expressed displeasure over the appointment of brothers Syed Salim Raza and Syed Ali Raza as governor State Bank and president National Bank of Pakistan (NBP), respectively.

Responding to a question raised by committee member Hamid Yar Hiraj, Finance Secretary Salman Siddique informed the PAC that there was no legal bar on relatives holding public offices. But the answer did not satisfy PAC members, and PML-N member Khawaja Asif said that though there was no legal bar, such actions were against the principles of propriety.

Asif endorsed Hiraj’s stance, saying that while one brother was the regulator of the industry, the second was a major player in the same sector, which created a ‘conflict of interest’.

“NBP President Ali Raza has been granted an extension for the fourth consecutive term, which is also illegal,” Asif said, adding that the NBP president, in the presence of his brother the SBP governor, had asked private banks to sanction loans for rental power plants (RPPs). However, the SBP governor refuted the charges, saying he had asked banks to conduct all necessary verification before lending money to RPPs. irfan bukhari

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