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New SBP Deputy Governor to Be Appointed by the Governor 

ISLAMABAD, January 20, 2023- The government has decided to select a new deputy governor of the State Bank of Pakistan (SBP).

As the current deputy governor, Dr. Murtaza Syed, will vacate his position on January 26, 2023, the government will appoint a new SBP Deputy Governor. In August of last year, the outgoing deputy director was one of the top three candidates considered for the role of SBP governor. Interestingly, the government has not yet received a list of candidates to fill his seat, despite the fact that Dr. Saeed Ahmed and Ashraf Khan’s names were circulating. Last week marked the conclusion of Ahmed’s three-year term as the IMF’s senior counselor to the executive director.

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According to the modified SBP Act, the federal government must select deputy governors within thirty days of a vacancy after discussing with the minister of finance and the governor from a panel of three candidates recommended by the governor. In contrast, the federal government has violated the SBP Act three times in the past eight months, despite the fact that it was changed at the request of the IMF and the previous SBP administration.

In July of this year, the government appointed Tariq Pasha as director of the SBP, but on October 27, he was promoted to Special Assistant to the Prime Minister on Revenue. In place of Pasha, Muhammad Ali Latif was appointed non-executive director of the SBP by President Arif Alvi just 10 days earlier.

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