KARACHI: The Federal Finance Minister, Dr. Mubashir Hasan, said last evening [Jan 1] that the transition of banks from the private to the public sector yesterday was “extremely smooth” and the depositors showed full confidence in the nationalised banks. Addressing a Press conference at the State Bank … Dr. Hasan noted … that the operations of the banks were “absolutely normal” and their business went on “smoothly and calmly”.

He said new Managing Directors had been appointed for 13 affected banking institutions. … He said yesterday’s measures completed “the nationalisation of all the financing institutions, basic industries, the major means of transport and also the major trading activities in the country”. … In reply to a question he said compensation to be paid to shareholders as a consequence of nationalisation would run into crores of rupees. … Earlier addressing the nation over Radio Pakistan, Dr. Hasan said nationalisation of banking institutions would lay a solid basis for the speedy and balanced economic growth of the country. … Dr. Hasan also assured the people of the safety of their lockers in the banks and said they were free to operate them as usual.

Published in Dawn, January 2nd, 2024