Pakistan Names New Central Bank Chief to Help Mend the Economy


Pakistan appointed a former deputy governor of the central bank to head the monetary authority as the nation battles one of Asia’s fastest inflation and faltering foreign-currency reserves.

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(Bloomberg) — Pakistan appointed a former deputy governor of the central bank to head the monetary authority as the nation battles one of Asia’s fastest inflation and faltering foreign-currency reserves.

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Jameel Ahmad, a former deputy governor will now head the State Bank of Pakistan for a term of five years, according to a statement of the finance ministry. He will replace Murtaza Syed, who was the interim chief since early May.

Ahmad takes on the role against the backdrop of a precarious political setting and funding uncertainties. The new governor faces the task of reining in the fastest inflation in 14 years due to soaring energy costs while shoring up foreign-exchange reserves that have fallen below $10 billion, a level that covers less than two months worth of imports. 

The nation’s central bank has already raised interest rates by 525 basis points since the beginning of this year.



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