PHOTO: FILE
Prime minister Nawaz Sharif on Monday formally appointed Ashraf Mahmood Wathra as the governor of State Bank of Pakistan (SBP), Express News reported.
Wathra, who had been appointed as the interim SBP chief after its previous governor Yasin Anwer had resigned in late January, was handed formal charge of the SBP hot seat on Monday.
On April 13 the Sindh High Court (SHC) issued notices to the finance secretary, the deputy attorney general and others on a petition challenging Wathra’s appointment as the SBP acting governor in alleged violation of appointment policy.
The appointment was been challenged by an NGO, True Line International Foundation, which took the finance secretary, Wathra and others to the court.
The petition stated that the acting governor of the central bank was in violation of the State Bank Order 1948, service rule and other provisions of law as well as practices protected and guaranteed under the constitution.
On April 23, Wathra admitted that the IMF was not happy with the lack of autonomy that the SBP currently has. “The IMF is not satisfied with the proposed amendments in the SBP Act of 1956 and wanted more autonomy for the SBP,” said Wathra while responding to a question raised by Senate Standing Committee on Finance Chairperson Senator Nasreen Jalil.
COMMENTS (15)
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@sumsum: Its the game of lobbying, the vested interests in the dark coridors of power. How come he managed to push Munir for NBP's chairman's position?
@Jamil Khan: since when is asad umar in power?
PTI's Asad Umar wanted to bring his brother Munir Kamal on this position but the govt did not agree due to poor health of Munir Kamal. However, Asad Umar somewhat or how managed to appoint Munir Kamal as Chairman of National Bank of Pakistan
@Saleem: Mr SALEEM HE MORE EDUCATED THAN YOU I AM 100%SURE ABOUT IT
@takoo : SO HAVE ANY PROBLEMS WITH I THINK PUNJAB IS PART OF PAKISTAN
Our best talent has migrated abroad due to unfriendly social conditions in Pakistan. Those who want to come back and serve the country are "black balled" as being "dual nationals". We need to get rid of this erroneous concept installed in the minds of the people over the last 5 years that if you are a dual national, you are not loyal to your home country !! We must recognize this fact that our most educated and talented and capable lot has migrated abroad over the last 30 years. They are an invaluable asset for Pakistan keeping in mind their wealth of international training, experience and exposure. We should use rather than abuse them.
Just look at qualification, achievement and experience of Governor of the Reserve Bank of India and you will know that until qualified people are posted at right places Pakistan will not get out of quandary it is in today.
http://en.wikipedia.org/wiki/Raghuram_Rajan
I am sure he is from Punjab....
The nail in the coffin of economy. The checks on the insane borrowing and loot sale of national resources are now officially gone. I$haq Dar gets green light to wreck havoc with the finances of the country.
It is so unfortunate that a commercial banker has been made SPB Governor again. The governor is supposed to be totally indipendent with sufficient exposure to international monetory and economic policies and to provide guidance to the government and where necessary to take a firm stand on his stance (Dr. Yaqub, Dr. Ishrat Hussain, Dr. Shamshad Akhtar) whereas a commercial banker has a totally different mindset and he will always be dependant on finance ministry for instructions. The govt, in the larger interest of the country should consider a highly qualified economist for this slot.
Finally! People at SBP would be really happy with this development :D
Another mediocrity for what is one of the most important jobs in any country. But he does go well with mediocre deputy governors and the most mediocre SBP board in recent times.
This is an important and sensitive post........so is Mr.Wathra a full Pakistani or is a dual national, like his predecessor ? The head on any central bank must be capable of asserting his independence, apart from being an economist ( as opposed to a banker )......lets hope Mr.Wathra manages to fill at least one of these accepted criteria.