Dr. Murtaza Syed will take over as interim governor of the State Bank of Pakistan (SBP) today, after Dr. Reza Baqir’s three-year term as governor of the SBP came to an end today, according to Finance Minister Miftah Ismail.
“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 the next election,” Miftah Ismail stated in a tweet. As a result, Dr. Murtaza Syed, a highly trained economist with extensive IMF experience, will be named Governor of the SBP.”
He stated, “I wish him the best in his new role.”
In a tweet sent yesterday, Finance Minister suggested that the administration will not grant Reza Baqir an extension.
“Governor SBP Dr Reza Baquir’s three-year term ends tomorrow. I contacted him and informed him of the government’s decision. I’d want to express my gratitude to Reza for his contributions to Pakistan. “He is a highly qualified individual with whom I had a good working relationship during our brief time together,” he said.
Meanwhile, Reza Baqir praised his SBP colleagues and team members in a series of tweets for allowing him to serve Pakistan in public office.
“I encourage other Pakistanis, particularly those living abroad, to consider public service.” Several new initiatives I was able to lead at SBP during my time there, including SBP’s COVID response packages and numerous new facilities for the first time in SBP history. He mentioned TERF, Rozgar payroll loans, hospital financing, and other programs.
“Roshan Digital Account to connect overseas Pakistanis with our banks, Raast, our first instant, and free payment system, the framework to license digital banks in Pakistan—a first that promotes inclusion and innovation, financial inclusion, particularly for women, with Banking on Equality, promoting affordable mortgages for low-income people, and institutional strengthening of SBP by hiring three top-class Deputy Governors,” he added.
He expressed gratitude to all SBP colleagues whose efforts made these projects possible.
“You were the one who did the most of the job. “My role was to provide strategic vision, to bring out the innovative ideas within you, to push you to reach your full potential, and to assure you that I have your back,” he stated.
“You are, in my opinion, a pillar of our economic stability.” I’d want to express my gratitude to the Deputy Governors and the SBP Corporate Management Team for their collaboration and assistance. I’d also like to thank the four finance ministers and five finance secretaries with whom he worked over the past three years,” he continued.
He added that Pakistan faces a number of issues, but that the country also possesses significant resources to address them.
“I am confident and optimistic that we as a country will make the right decisions to meet the challenges that lie ahead,” he continued.
