He was deputy governor at the central bank.
The change in leadership comes at a time of gas and electricity shortages and deteriorating law and order situation that have hampered growth and contributed to falling foreign investment in the country.
Yaseen Anwar stepped down as central bank chief on Thursday, citing personal reasons, with some officials pointing to policy differences between the governor and the finance minister.
“Anwar’s resignation has been accepted and Ashraf Wathra, the deputy governor, will be the acting governor,” said Shafqat Jalil, a finance ministry spokesman.
Anwar and Wathra were not immediately available for comment.
The $255 billion economy grew 3.6% in the last fiscal year, below the target of 4.3% and well below growth rates of around 9% seen 10 years ago. Unemployment is officially at 6.3% but is probably much higher.
Anwar was appointed the central bank chief in July 2011 after Shahid Kardar stepped down. Kardar’s predecessor, Salim Raza, resigned after 16 months in office.
Wathra brings 35 years of commercial and investment banking experience to his new assignment and has worked at Emirates Bank International, American Express and ANZ Grindlays Bank.
Published in The Express Tribune, February 1st, 2014.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ