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Pakistan central bank governor quits

danaState Bank of Pakistan’s governor Yaseen Anwar has stepped down. Senior officials of the finance ministry cited policy differences between the governor and the finance minister. One of Anwar’s two deputies would temporarily fill his post. A finance ministry spokesperson said Anwar has cited personal reasons for his decision. The IMF had saved Pakistan from a possible default by agreeing to loan it $6.7 billion over three years after it promised to privatise loss-making state institutions, reform a faltering energy sector, expand the country’s tiny tax base and cut government borrowing. Senior officials in the foreign ministry said the ‘personal reasons’ cited by Anwar were a cover for differences with finance minister Ishaq Dar. They have completely different views on how to tackle rising inflation and falling foreign exchange reserves, said an official. Anwar was also said to be unhappy with the appointment of Saeed Ahmed as deputy governor. Anwar, 62, was the fourth central bank chief appointed under the previous Pakistan People’s Party government. His departure reflects the difficulties Pakistan has had in attracting and retaining qualified officials in government service.

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