The three-year tenure of State Bank governor expired or ended on Friday but the government has yet to extend his tenure or appoint a new governor. As per the SBP Act 1956, this post cannot be left vacant at any cost because it is a constitutional position. SBP officials have also confirmed that presently SBP has no full-fledged governor or acting governor. "We are also waiting for federal government's directives for appointment of governor or acting governor," said chief spokesman SBP Abid Qamar.

Sources said there are some reports that the federal government has decided to extend the tenure of Ashraf Mehmood Wathra for another 3 years and notification in this regard was expected on Friday. However, the federal government has yet to issue a notification.

Ashraf Mahmood Wathra left for the US on 18th April for a meeting with IMF officials. This meeting has already been concluded and now he is on leave. Before leaving for abroad, Wathra appointed Riaz Riazuddin to officiate as acting governor in his absence.

SBP spokesman said it was an internal arrangement and as per procedure governor appoints an acting governor while going abroad or on leave. "Presently we have two deputy governors but no governor", he added.

It may be mentioned here that Ashraf Mahmood Wathra was appointed as Governor SBP on April 29, 2014, for a period of 3 years. Governor SBP Wathra is also Chairman of the SBP Board of Directors, which is a statutory body responsible for the general superintendence and direction of the affairs of the Bank. Moreover, he is also the Chairman of Monetary Policy Committee. Prior to taking charge as Governor, he was appointed as Acting Governor on January 31, 2014.

Copyright Business Recorder, 2017