Saturday, January 28, 2023

Govt decides not to increase tenure of SBP chief Dr. Reza Baqir

SBP Governor Reza Baqir will complete his three-year tenure on May 4, according to Miftah Ismail, Federal Minister for Finance and Revenue. Dr. Baqir’s three-year term is set to expire on May 4.

The finance minister announced on Twitter that Dr. Reza Baqir’s term as chairman of the SBP will expire today. He also stated that he had spoken with Baqir and informed him of the intention to resign.

The president wrote, “I have spoken to Reza Baqir and informed him of the government’s decision.” He thanked him for his work over the past three years.

“I would want to express my gratitude to Reza for his contribution to Pakistan. He is a highly qualified individual [with whom] I had a positive working relationship during our little time together. ‘I wish him nothing but the best,’ the finance minister stated.

President Arif Alvi named Reza Baqir as the governor of the State Bank of Pakistan (SBP) on May 5, 2019, in accordance with Section 10(3) of the State Bank of Pakistan Act 1956.

Dr. Reza Baqir came to the World Bank with 18 years of experience with the International Monetary Fund (IMF) and two years with the World Bank prior to this assignment.

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Since August 2017, he has served as the Head of the International Monetary Fund’s Office in Egypt and as a Senior Resident Representative. He has also served as the IMF’s Mission Chief for Romania and Bulgaria, Division Chief of the IMF’s Debt Policy Division, Head of the IMF delegation to the Paris Club, Deputy Division Chief of the IMF’s Emerging Markets Division, IMF Resident Representative in the Philippines, and a variety of other roles.

A PHD in Economics from the University of California, and an A.B (Magna cum Laude) in Economics from Harvard University.

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