By Staff Reporter
KARACHI: Jameel Ahmed, a career central banker, was appointed to head the State Bank of Pakistan (SBP) on Friday as the government seeks to pull the country out of an economic tailspin, avoid default and resume an installed International Monetary Fund bailout programme.
“In exercise of powers conferred under Section 11A(1) read with Section 14(1) of the State Bank of Pakistan (SBP) Act 1956 (Amended 2022), Jameel Ahmad is appointed as Governor State Bank of Pakistan for a term of five (5) years with the approval of the President of Pakistan, upon the recommendation of Federal Government,” a government notification read.
Finance minister Miftah Ismail congratulates the new governor.
Ahmad had been serving as central bank deputy governor before his promotion. The government waited for over three months to appoint a new governor when Reza Baqir in May stepped down as governor of the SBP after the government declined to renew his three-year term. Deputy governor Dr Murtaza Syed officiated as the central bank chief during crucial IMF talks and till the appointment of Ahmad.
Ahmed, 57, takes the job with inflation running at 25 percent and the rupee amongst the world’s worst-performing currencies this year. His first job would be to review interest rates, a decision that was due on Monday.
The main cause of the country’s runaway inflation on high global fuel prices may be beyond Ahmed’s control. But dwindling foreign exchange reserves leading to a sharp fall in rupee value, brewing sharp political discontent in the country along with IMF’s tough conditions to revive the much-needed $7 billion bailout programme would be a major headache for the new chief of the central bank.
Ahmad was reappointed as deputy governor in 2018 for a period of three years. Ahmad’s illustrious career as an accomplished central banker spans over 31 years in various senior positions at the SBP and the Saudi Central Bank (SAMA). He did his MBA from the University of Punjab in 1988.
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