The Finance Ministry has submitted six names to the Prime Minister’s Secretariat for the position of State Bank Governor.
Dr. Saeed Ahmed Sabak, President of National Bank, Asim Meraj Hussain, Murtaza Syed, Acting Governor SBP, Zafar Masood, Muhammad, Jameel, and Muhammad Ashraf Khan, Former Governor State Bank are among the candidates for the position.
One of the names will be approved by the cabinet in a meeting on Tuesday. However, Zafar Masood is most likely to be named the new Governor of State Bank, according to sources.
Currently, Dr. Murtaza Saeed is the State Bank of Pakistan’s acting governor. The position of central bank governor fell vacant on May 4 after the Pakistan Muslim League-Nawaz (PML-N) led coalition government decided against giving a second term to Dr Reza Baqir.
Since more than two months ago, the central bank has been without a permanent governor, which is particularly concerning given that the central bank is charged with keeping inflation under control and that Pakistan’s economy is currently dealing with serious difficulties.
The SBP governor is a co-signatory of the Letter of Intent which is a prerequisite for clinching a deal with the International Monetary Fund (IMF).
Three of the six individuals who have been interviewed including the acting governor, Dr. Murtaza Syed, have reportedly worked with the IMF, according to media reports.
Prime Minister Shehbaz Sharif conducted the interviews, assisted by Finance Minister Miftah Ismail and Senator Saleem Mandviwalla, a member of the Pakistan Peoples Party, the main coalition partner (PPP). But despite at least four rounds of discussions, no agreement could be reached.
The SBP Act of 1956 says any time when the office of the Governor is vacant or the Governor is incapacitated, the senior Deputy Governor shall be the acting governor until the Governor is appointed.
