ISLAMABAD, July 7 (Reuters) - Pakistan has appointed former civil servant Tariq Bajwa as the new governor of its central bank, the finance ministry said on Friday.
“The President of Pakistan is pleased to appoint Tariq Bajwa as Governor State Bank of Pakistan (SBP) for a period of three years from the date he assumes office,” according to a statement posted on the official finance ministry Twitter feed.
Bajwa’s appointment comes days after Finance Minister Ishaq Dar clashed with the central bank over the rupee’s unexpected 3.1 percent plunge against the dollar on Wednesday. Analysts said the central bank allowed the local currency to fall, which prompted a furious backlash from Dar.
Deputy Governor Riaz Riazuddin was in May appointed as acting governor for three months until a permanent new chief was named. But Dar sad the appointment would be brought forward after the rupee plunge. (Reporting by Syed Raza Hassan and Asif Shahzad; Writing by Drazen Jorgic; Editing by Sam Holmes)