ISLAMABAD – Finance Minister Senator Mohammad Ishaq Dar has appointed Ashraf Mahmood Wathra, Deputy Governor, State Bank of Pakistan as the Acting Governor of the central bank till further orders.
The Governor State Bank of Pakistan (SBP) Yaseen Anwar has been directed to hand over the charge to Ashraf Mahmood Wathra, upon close of business hours today (Friday). The federal government on Thursday has accepted the resignation of the Governor State Bank of Pakistan (SBP) Yaseen Anwar, as he had serious differences with the Finance Minister Senator Ishaq Dar over the economic policies. However, the SBP has claimed personal reasons of Yaseen Anwar behind his resignation.
“We would like to clarify that the reason for Governor Anwar’s departure is attributed to personal reasons that relate to his family and particularly the recent unfortunate head injury to his son studying abroad. It was an honor for Anwar to serve Pakistan at this prestigious institution for almost seven years as Deputy Governor and Governor, State Bank of Pakistan”, said a statement issued by central bank.
The Finance Minister has considered names of three Deputy Governors for the slot of the Acting Governor SBP including Ashraf Mahmood Wathra, Saeed Ahmad and Kazi Abdul Muktadir. However, the Finance Minister has appointed Ashraf Mahmood Wathra as the Acting Governor SBP till further orders. According to the SBP act 1956, the federal government is bound to appoint new Governor SBP within three months after the post vacant.
The SBP act 1956 reads as, “At any time when the office of governor is vacant, the federal government may appoint an acting governor provided that the office of governor shall be filled in within a period not exceeding three months”. Under the SBP Act, the governor shall be appointed by the President for a term of three years, and on such salary and terms and conditions of service as the President may determine, except that neither the salary of the Governor nor his other terms and conditions of service shall be varied to his disadvantage after his appointment provided that the Governor shall be eligible for re-appointment for another term of three years; Provided further that no person shall hold the office of the Governor after attaining the age of sixty-five years.
The Acting Governor SBP Ashraf Mahmood Wathra would represent in IMF talks for second economic review under extended fund facility worth of $6.64 billion, which would start from today (Saturday) in Dubai.
Profile of Acting Governor
Ashraf Mahmood Wathra assumed charge of the office of Deputy Governor (DG), State Bank of Pakistan (SBP) on March 11, 2013. The Federal Government had notified Wathra’s appointment as DG, SBP on March 5, 2013 for a period of three years from the date he assumes the office. Wathra brings 35 years of commercial & investment banking experience to his new assignment. Prior to joining SBP, he was serving the National Bank of Pakistan (NBP) as its Senior Executive Vice President & Group Chief, Credit Management Group, since October, 2012.
Before joining NBP, Wathra served Habib Bank Limited from April 1999 to September 2012 in various responsible capacities such as Regional General Manager (Bangladesh), Executive Vice President & Regional General Manager (Singapore), Executive Vice President, Group Executive and Risk Manager & Senior Credit Officer, Asset Remedial Management Group.
He was attached with Faysal Bank Limited from May 1992 to March 1999 in senior positions such as Executive Vice President & Country Risk Manager, Executive Vice President & Regional Manager and Senior Vice President & Chief Manager. From 1978 to 1992, he had been associated with BRR Capital Modaraba, Emirates Bank International, American Express Bank Ltd. and ANZ Grindlays Bank. He also served as Director at Habib Finance International, Hong Kong and Habib Finance, Australia.
Holding Masters degree in Business Administration, Wathra has attended a number of seminars, conferences and courses at home and abroad including Wharton/ SMU General Management Programme, Operational Risk Management and Asian Bonds Summit etc.
Wathra holds extensive experience in restructuring and reorganisation of business units. He has extensive knowledge of investment banking and commercial banking operations, trade finance products and underlying delivery systems. Well conversant with Islamic modes of finance, he has extensive marketing experience of a cross section of corporate, government and aid agencies including syndication of large facilities for corporate and public sector.
He also has experience in line management, audit & risk review, credit & risk management.