SBP dispels rumours about freezing foreign currency accounts, lockers

ISLAMABAD: The federal government and State Bank of Pakistan (SBP) on Monday rebutted rumours circulating on social media regarding the seizure of Foreign Currency, Roshan Digital Accounts and Safety Deposit Lockers.

The government of Pakistan and the SBP assure all account holders maintaining Foreign Currency Accounts (FCA), Roshan Digital Accounts (RDA) and Safety Deposit Lockers in banks in Pakistan that their accounts and lockers are completely safe, and that there is no proposal under consideration to put any restriction on them, said finance ministry in a statement.

According to the statement, rumours were circulating on social media that the government or State Bank of Pakistan is considering freezing or placing restrictions on withdrawals from Foreign Currency Accounts, Roshan Digital Accounts and Safety Deposit Lockers.

Such rumors are absolutely incorrect and baseless, it said and clarified that such a proposal has neither been considered presently nor in the past. Moreover, foreign currency accounts including Roshan Digital Accounts are legally protected under the Foreign Currency Accounts (Protection) Ordinance 2001, and the government and SBP are committed to protecting all the financial assets in Pakistan including the ones mentioned above.

The government and SBP are taking all necessary measures to ensure macroeconomic stability in the country. The recent difficult decisions taken by the government, including the reduction of subsidy on petroleum products, will pave the way to reach an agreement with the International Monetary Fund (IMF) and release of its tranche and financial assistance from other multilateral agencies and friendly countries.