Tariq Bajwa new SBP governor

ISLAMABAD: The federal government has appointed former secretary finance Tariq Bajwa as Governor State Bank of Pakistan (SBP) on Friday.

Tariq Bajwa, who retired last month after serving as top bureaucrat at the finance ministry, has been notified as the SBP chief after Ashraf Mehmood Wathra, completed his term on April 29. Since then Riaz Riazuddin was working as acting governor.

Finance Minister Ishaq Dar on Thursday said that the ‘communication gap’ among top officials resulted in artificial surge of dollar against rupee as one individual took unilateral decision for which he did not even bother to take the deputy governor into confidence.

The rupee had witnessed a sharp decrease of 3.1 percent by touching the height of Rs108.25 against US dollar on Wednesday but recovered on Thursday and stabilised at Rs105.30 when Finance Minister Ishaq Dar chaired a high level meeting here at Q Block (Finance Division) in which representatives of over two dozen banks participated to ascertain facts behind move towards dollarisation of the economy.

While talking to media, the minister had said that the SBP will soon get the new governor.