Cabinet Approves Board of Directors for State Bank of Pakistan

The Cabinet has approved a list of Board of Directors (BoD) for the State Bank of Pakistan (SBP) submitted by the Finance Division. The Board of Directors (BoD) consists of Dr Ali Cheema, Dr Akbar Zaidi, Tariq Pasha, Najaf Yawar, Fawad Anwar, Nadeem Hussain, Mehfooz Ahmed Khan, Zahid Fakhar ud Din Ebrahim, Finance Division Secretary, and the State Bank of Pakistan Governor. Under the SBP Act, the board is responsible to define, approve and determine the general internal policies and rules of the Bank regarding the execution of its functions and approve internal rules for their implementation. The board is also responsible to formulate and oversee foreign exchange reserve management, strategic investment, and risk policy among numerous other functions. It is pertinent to mention here that Finance Minister Miftah Ismail Thursday said that the government will nominate the new governor of the central bank by the coming week.