Appointment of SBP governor not violation of 1956 Act

ISLAMABAD: The government on Monday made it clear that there was no violation committed for appointment of governor State Bank of Pakistan (SBP). While combined opposition Monday filed a resolution in the Senate Secretariat for immediate removal of the governor of the SBP.

The Finance Ministry, in a statement, said that with reference to the resolution reportedly tabled Monday in the Senate of Pakistan regarding the appointment of Tariq Bajwa as SBP governor, it is clarified that his appointment is in no way in violation of the SBP Act 1956. 

Bajwa reached his superannuation and retired from civil service on 18th June 2017. He was appointed as SBP governor by the President of Pakistan and he took charge of his office on 7th of July, 2017.

It would be pertinent to mention here that in addition to economists, bankers, chartered accountants etc. several civil servants after retirement from service have also been appointed as SBP governor in the past. 

Earlier, combined opposition filed a resolution in the Senate Secretariat for immediate removal of the SBP governor.

“This House recommends that the SBP governor should be removed immediately from his office as the letter and spirit of Section 10 of State Bank Act, 1956, dealing with qualification of the governor had been violated,” text of the resolution says.

Senators, belonging to opposition parties, including PPP, PTI, ANP and PML-Q, have signed the resolution. 

Earlier, the resolution was to be submitted against the sitting SECP chairman, but it was not during the recently-prorogued requisitioned session.

It is interesting to note that the name of PPP’s Saeed Ghani, who was recently notified as returned candidate from a bye-election in PS-114, Karachi, is also mentioned in the resolution along with his signature.

Senators, who signed the resolution, include Taj Haider, Azam Swati, Rubina Khalid, Kamil Ali Agha, Shibli Faraz, Nighat Mirza, Maulana Tanvirul Haq Thanvi, Sehar Kamran, Daud Achakzai, Rozi Khan Kakar and Saifullah Magsi, Shahi Syed, Ahmad Hassan and Saeedul Hassan Mandokhail.

The next session is expected in late August and if found in order, the resolution can be taken up on a private members day. Joint opposition enjoys majority in the Upper House of Parliament.