Finance Minister Miftah Ismail has announced the conclusion of the three-year term of Dr. Reza Baqir as governor of the State Bank of Pakistan (SBP) and has said that deputy governor Dr. Murtaza Syed will be taking charge.
In a tweet on Wednesday, the finance minister dismissed the possibility of extension for Dr. Baqir, saying that the former governor’s term expired on May 4 and as per law, the person who was the most senior deputy governor would take over.
He added that hence, Dr. Murtaza Syed would take over as the governor of the central bank, adding that he had considerable experience with the International Monetary Fund and was a qualified economist.
The central bank says that Dr. Murtaza Syed has in excess of 20 years of experience in macroeconomic research and policy making, while he has worked with the IMF for 16 years.
The incoming governor has a doctorate in economics from the University of Oxford and has lectured at Cambridge and Oxford.
An official announcement by the government is yet to be made.
On Tuesday, Miftah Ismail had thanked Dr. Baqir for his service to Pakistan, describing him as a qualified man and wishing him “the very best”.
Former SBP governor Dr. Baqir followed Miftah’s statement on Tuesday with expression of gratitude to Allah and his fellow teammates for the chance to serve in public office.
He also urged fellow Pakistanis to take public service into consideration. He added that several challenges had plagued Pakistanis but the country possessed the strength to counter them.