Pakistan`s Central Bank Governor resigns

Last Updated: Friday, January 31, 2014 - 13:52

Islamabad: Pakistan`s Central Bank Governor Yaseen Anwar has resigned, ahead of a crucial IMF review into a USD 6.7 billion bailout loan to the cash-strapped country.

"The federal government has accepted the resignation of SBP Governor Yaseen Anwar with effect from January 31, 2014," a brief statement issued by the Ministry of Finance here said.

"The decision regarding the acting SBP governor will be made today," it added.
Umer Siddiqui, the SBP spokesperson, said Anwar resigned for personal reasons.
"He wanted to give more time to his family after his son was seriously injured in a road accident," Siddiqui said.

Anwar, who was appointed by the previous Pakistan People`s Party government, served as head of the central bank for two years.

Local media reports said Anwar decided to quit after he found himself unable to get along with Finance Minister Ishaq Dar. He resigned from the post after he was assured he would not be barred from leaving the country, they added.
Anwar`s family is settled in Singapore.

The PML-N government originally planned to replace Anwar in October last year.

The decision was delayed because of the first review of the IMF loan programme and Anwar`s insistence that he not be pursued legally for any of his actions as SBP governor, sources in the Finance Ministry were quoted as saying by The Express Tribune daily.
The Nation newspaper quoted a finance ministry official as saying that Dar was particularly uncomfortable with the outgoing governor.

"Anwar, on the other hand, too was unhappy with some of the government decisions; especially he had reservations over the recent appointments in the central bank. A deputy governor had recently been?appointed reportedly without his consent.

"The resigned SBP governor was also under severe pressure for last few months due to his failure to control the soaring inflation. Moreover, he could not formulate policy to protect the declining foreign exchange reserves of the country, which are still dwindling despite government`s entering into International Monetary Fund (IMF) loan programme," it said.

The talks between Pakistan and IMF officials for the third tranche of USD 545 million were due to be held tomorrow in Dubai. 

PTI

First Published: Friday, January 31, 2014 - 13:52

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