State Bank of Pakistan (SBP) Governor Dr Reza Baqir may be leaving after his term in the office expire on May 4.

Extension in SBP governor’s service is subject to approval from the ruling PML-N supremo Nawaz Sharif and former finance minister Ishaq Dar, a senior leader of the party said on condition of anonymity.

He said that some names are under consideration but their disclosure now may sabotage the process.

An official of the government said that the appointment of a retired bureaucrat as governor is unlikely due to age restrictions in the law.

According to the SBP Act 2021 no person shall hold the office of the Governor or Deputy Governor after attaining the age of sixty-five years.

He said the names of some bureaucrats, being cited as possible candidates for the position in the media, had retired a few years ago and they are; therefore, ineligible for the office.

As per SBP Act 2021, the Governor and the non-executive Directors shall be appointed by the President, upon the recommendation of the federal government, taking into account the eligibility and disqualification criteria laid down in this Act. The Governor, the Deputy Governor, the non-executive Directors shall be appointed for a term of five years and shall be eligible for re-appointment only for one term of five years.

There was speculation soon after the new government took oath that reappointment of Governor SBP would be unlikely and the government would appoint a ‘loyalist’ at this critical post.


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