SBP Governor Baqir’s Term Ends With No Official Word on Successor

May 4, 2022 admin 0 Comments SBP Governor Baqir’s

Federal Minister for Finance and Revenue Miftah Ismail announced on Tuesday that the government has decided against extending the term of Dr Reza Baqir as State Bank of Pakistan’s (SBP) Governor, with his three-year term set to expire tomorrow (Wednesday).

Taking to Twitter, the finance minister said that the SBP Governor has been informed of the government’s decision.

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“I want to thank Reza for his service to Pakistan. He is an exceptionally qualified man & we worked well during our brief time together. I wish him the very best,” the minister said in his tweet.

Dr Baqir was appointed as SBP Governor on May 4, 2019, for a period of 3 years and replaced Tariq Bajwa.

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According to the SBP Act, at any time when the office of Governor is vacant or the Governor is incapacitated, the senior-most Deputy Governor shall be the Acting Governor, until the governor is appointed.

Since the government is yet to make an announcement regarding the new Governor, Dr Murtaza Syed, who is currently the senior-most Deputy Governor, will assume the charge as the Acting Governor.

According to sources, three candidates are vying for the top slot. They include Noor Ahmad who is Pakistan’s Executive Director in the Asian Development Bank (ADB), Habib Bank Limited President Aurangzeb Khan, and Aasim M. Husain. Prime Minister Shehbaz Sharif will take the final decision in this regard.