Murtaza Syed to assume charge as acting SBP governor as Reza Baqir's term ends

May 04, 2022 (MLN): Dr Murtaza Syed, will assume charge of the acting governor, State Bank of Pakistan (SBP), as the three-year tenure of Dr Reza Baqir as SBP governor has come to an end today, Finance Minister Miftah Ismail on Wednesday said.

In his tweet, Miftah Ismail said “the term of Governor SBP Dr Reza Baqir has come to an end today, and as per law the senior most Deputy Governor takes over until. Therefore, Dr Murtaza Syed, an eminently qualified economist with rich IMF experience, will take over as Governor SBP."

“I wish him the best in his new role,” he said.

In his yesterday’s tweet, Finance Minister indicated that the government would not be offering an extension to Reza Baqir.

“Tomorrow Governor SBP Dr Reza Baquir’s 3-year expires. I have spoken to him and told him of the government’s decision. I want to thank Reza for his service to Pakistan. He is an exceptionally qualified man & we worked well during our brief time together,” he said.

Meanwhile, Reza Baqir in a series of tweets thanked his SBP colleagues and team members for giving him the chance to serve Pakistan in public office.

“To other fellows Pakistanis, especially overseas, I encourage you to consider public service. In my time at SBP I am particularly proud of several new initiatives I was able to lead at our central bank: SBP’s Covid response packages and many new facilities for the 1st time in SBP history. TERF, Rozgar payroll loans, hospital financing, etc,” he said.

“Roshan Digital Account to connect overseas Pakistanis with our banks, Raast, our 1st instant & free payment system, the framework to license digital banks in Pakistan—a 1st that promotes inclusion and innovation, financial inclusion especially of women with Banking on Equality, promoting affordable mortgages for low-income people, and institutional strengthening of SBP by hiring 3 top-class Deputy Governors; and many other areas,” he added.

HE thanked all SBP colleagues whose hard work made these initiatives possible.

“You did most of the work. My role was to provide the strategic vision, bring out the innovative ideas inside you, push you to achieve your potential, and assure you that I have your back,” he said.

“In my view, you are a pillar for our economic stability. I want to, especially thank Deputy Governors and SBP Corporate Management Team for your teamwork and support. I also want to thank the 4 Finance Ministers and 5 Finance Secretaries I worked with over my 3 years,” he further added.

He stated that Pakistan faced several challenges but also has great strengths as a country to address them.

“I am confident and hopeful that we as a country will make the right choices to overcome the challenges ahead of us,” he added.

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