SBP Governor Reza Baqir's tenure ends as govt decides against extension

ISLAMABAD – Dr Reza Baqir, who was appointed as State Bank of Pakistan’s (SBP) governor in 2019, will get no extension as his three-year tenure expires today (May 4).

Federal Finance Minister Miftah Ismail made the announcement on Tuesday while praising the noted economist.  PML-N leader mentioned that he has spoken to Reza and apprised him of the government’s decision.

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

Tomorrow Governor SBP Dr Reza Baquir’s 3-year expires. I have spoken to him and told him of the government’s decision. 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.

— Miftah Ismail (@MiftahIsmail) May 3, 2022

The development comes days after it was reported that the incumbent government is not willing to reappoint Dr. Reza Baqir as governor of the central bank.

Meanwhile, the President of Pakistan will pick the Governor on the recommendation of the government as per the State Bank Act 2021.

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Reports suggest that the Ministry of Finance had proposed the name of Noor Ahmad, Executive Director in the Asian Development Bank (ADB) for appointment as the next central bank governor while the other two names in the panel are Aurangzeb Khan, President of Habib Bank Limited, and a senior IMF official.