Dr Murtaza Syed made SBP acting governor

ISLAMABAD – Dr Murtaza Syed, Deputy Governor of the State Bank of Pakistan (SBP), has taken over as acting Governor of the central bank after the federal government decided not to extend the tenure of Dr Reza Baqir after completing his three-year tenure.

“As the term of Governor SBP Dr Reza Baqir has come to an end, as per law the senior most Deputy Governor takes over until further orders. Therefore Dr Murtaza Syed, an eminently qualified economist with rich IMF experience, will take over as Governor SBP,” said Federal Minister for Finance and Revenue Miftah Ismail on twitter.

The federal government has appointed Murtaza Syed as acting Governor SBP after Reza Baqir’s three years tenure expired earlier this week

Officials in the finance ministry informed that the government is considering several names for the slot of Governor State Bank of Pakistan. Initially, the government is contemplating two names for the position of head of central bank including Noor Ahmad, Pakistan’s Executive Director in the Asian Development Bank (ADB), and former federal secretary Aurangzeb Khan and President of Habib Bank Limited.

Govt decides not to extend Dr Baqir’s tenure as governor SBP

Dr Reza Baqir issued his statement on social media after completing his tenure. He thanked Allah for completing his three years. He explained the initiatives taken by the central bank during his tenure including SBP’s Covid response packages and many new facilities for the 1st time in SBP history. Rozgar payroll loans, hospital financing, Roshan Digital Account to connect overseas Pakistanis with our banks, Raast, 1st instant & free payment system and framework to license digital banks in Pakistan — a 1st that promotes inclusion and innovation.

He further said that we as a country face several challenges but also have great strengths to address them. “I am confident and hopeful that we as a country will make the right choices to overcome the challenges ahead of us,” the former Governor State Bank concluded.

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