ISLAMABAD: Federal Minister for Finance and Revenue Miftah Ismail Tuesday announced that no extension has been granted to Reza Baqir as State Bank of Pakistan’s (SBP) governor as his three-year tenure expires today (Wednesday).
Taking to his official Twitter handle on Tuesday, Ismail revealed that SBP Governor Dr Reza Baqir’s three-year will expire May 4.
“I have spoken to him and told him of the government’s decision,” he wrote, acknowledging his efforts during these three years.
“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,” the finance minister wrote.
Dr Baqir was appointed as the governor of the central bank by President Arif Alvi on May 4, 2019, for a period of three years from the day he assumes the office of the Governor. He assumed his responsibilities on May 5, 2019.
In addition to his regular responsibilities overseeing financial and monetary stability in the country and promoting sustainable economic growth, Dr Baqir had led several key new initiatives at the State Bank since assuming office.
Prior to this appointment, Dr Baqir had eighteen years of experience with the IMF and two years of experience with the World Bank. He was the Head of the IMF’s Office in Egypt and Senior Resident Representative since August 2017.