Govt appoints Jameel Ahmad as SBP governor for 5 years

The government has appointed Jameel Ahmad as Governor of the State Bank of Pakistan (SBP) for a term of five years with immediate effect, according to a notification by the Finance Division on Friday.

“In exercise of powers conferred under Section 11A (1) read with Section 14(1) of the State Bank of Pakistan (SBP) Act 1956 (Amended 2022), Jameel Ahmad is appointed as Governor State Bank of Pakistan for a term of five (5) years with the approval of the President of Pakistan, upon the recommendation of Federal Government, with immediate effect,” read the notification.

The position of the governor fell vacant in May after the end of Dr Reza Baqir's tenure. Dr Murtaza Syed assumed responsibility of the role as acting Governor.

The appointment of a five-year chief of the central bank comes ahead of the monetary policy announcement that is set to take place on August 22 (Monday).

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As per information available on the SBP website, Jameel Ahmad was serving as the central bank's Deputy Governor after being reappointed by the government on October 25, 2018 for a period of three years. He also served as Deputy Governor (Banking & FMRM) from April 11, 2017 to October 15, 2018.

“Jameel Ahmad has an illustrious career as an accomplished central banker span over 30 years at various senior positions at the State Bank of Pakistan and the Saudi Central Bank (SAMA)," read information available on the SBP website.

His association with the SBP dates back to 1991 in various capacities including Deputy Governor and Executive Director.

Prior to his appointment as Deputy Governor, he was serving as Executive Director, Banking Supervision and Financial Stability Group. He has also served as Group Head Operations, Banking Policy & Regulations, Development Finance and Financial Resource Management. He joined SAMA in July 2009 as an Advisor, a position he held until April, 2015.

“He has contributed significantly in formulating the policy and regulatory framework for the banking systems of Pakistan and Saudi Arabia and monitoring their financial soundness and stability," said the SBP.

Jameel was currently serving as Chairman of the Board of Directors of Deposit Protection Corporation of Pakistan.

"As Deputy Governor SBP, Jameel played an instrumental role in digitization of banking and payments as well enablement of fintechs for offering innovative financial services in the country.

"He supervised the formulation and issuance of Regulations for E-money Institutions in Pakistan. He also served as the Chairman of Steering Committees on the implementations of Raast, Pakistan’s instant payment system; digital banking regulations and SBP’s Knowledge Management System. He also oversaw the development and issuance of Pakistan’s National Payment Systems Strategy developed jointly by SBP and the World Bank."