ISLAMABAD: Dr Jameel Ahmad, the Deputy Governor of State Bank of Pakistan (SBP) has been promoted and appointed as Governor of the Central Bank on Friday.
President Dr Arif Alvi has approved the appointment of Jameel Ahmad as the new governor of the Central Bank of Pakistan. He will serve a five-year term, the finance ministry said in a statement issued here today.
The president gave the approval on the advice of Prime Minister Shehbaz Sharif under Article 48(1) of the Constitution and Section 11(A)1 of the State Bank of Pakistan Act (1956).
Jameel Ahmad had been serving as as the deputy governor of the central bank before his promotion.
The SBP had been without a full time governor since Raza Baqir’s tenure ended in May 2022, after which Murtaza Syed took over as acting governor.
On May 4, it was reported that the senior-most deputy governor of the SBP will steer the central bank till the appointment of a permanent head after the tenure of Reza Baqir, who was appointed the SBP chief by the Pakistan Tehreek-e-Insaf (PTI), came to an end.
The central bank has been without a permanent governor for the last over two months, particularly at a time when Pakistan’s economy is facing serious challenges and the central bank has the responsibility to control inflation.
The SBP governor is a co-signatory of the Letter of Intent that is a prerequisite for clinching a deal with the International Monetary Fund (IMF).
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