ISLAMABAD: The Islamabad High Court (IHC) on Tuesday rejected a plea seeking the removal of State Bank of Pakistan (SBP) Governor Tariq Bajwa and declared his appointment as per law. Twenty-two senators, mostly from the Pakistan People’s Party (PPP) and Pakistan Tehreek-e-Insaf, had challenged Bajwa’s appointment in the IHC. During the hearing, Justice Miangul Hassan Aurangzeb rejected the reservations of the petitioners. Bajwa’s appointment is in accordance with the law and constitution, he declared. On August 16, 2017, 22 senators, including PPP’s Taj Haider, Farhatullah Babar, Sassi Palejo and Farooq H Naik, had challenged Bajwa’s appointment. The petitioners had maintained that the bank did not comply with legal requirements in hiring the governor, thereby violating the 18th amendment. According to the amendment, the power to appoint the governor of the State Bank had been transferred to the prime minister and his cabinet division. After the amendment, the petitioners maintained, the president did not exercise the constitutional power to appoint the SBP governor. The petition also stated that in addition to non-compliance with the rules, the appointment failed to comply with the financial regulator’s standards of procedure for the selection process. A former finance secretary who has also served as a director on SBP’s board, Tariq Bajwa was posted as governor for three years on July 7, 2017. Published in Daily Times, July 18th 2018.