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January 24, 2014

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Why did the SBP governor resign?

Why did the SBP governor resign?
ISLAMABAD: Governor State Bank of Pakistan (SBP) Yaseen Anwar has tendered his resignation and the government will relieve him soon, a top government official confirmed to The News.
Sources said Finance Minister Ishaq Dar was not comfortable with the outgoing governor of the central bank. One close aide of the finance minister told this scribe that the finance minister was solely fighting on fiscal as well as monetary front of the economy.
A weak governor had failed in controlling the rising inflation and protecting the dwindling foreign exchange reserves.
During the tenure of the PPP led regime, it was the governor of central bank who had advised the then government not to go to the IMF that led to depletion of reserves, a heavy price.
But the governor had always defended his stance by saying that no crisis had erupted as many economists had argued at that time.
The governor was also not happy with the recent appointments in the central bank. A deputy governor had recently been appointed. However, a highly placed official close to the governor rejected the report of the resignation.
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