Daily Times

ISLAMABAD: A resolution seeking the immediate removal of State Bank of Pakistan (SBP) Governor Tariq Bajwa has been submitted in the Senate.

Signed by 40 senators, the resolution states that Bajwa is ineligible for the post. “Section-10 of the State Bank of Pakistan Act 1956 has been violated with Bajwa’s appointment. The rule states that no person shall hold office as governor, who was employed in any capacity in the public service of Pakistan or of any province of Pakistan or holds any office or position for which any salary or other remuneration was payable out of public funds,” it says.

The resolution has been signed by senators of the Pakistan Tehreek-e-Insaf, the Pakistan People’s Party and the Awami National Party and others excluding the members of the Senate from PML-N.

Bajwa had joined the Civil Services of Pakistan in 1981. On June 18, he retired as the Economic Affairs Division and Finance secretary. He was then appointed as new governor of the SBP via a notification on July 7.

Bajwa’s appointment came in the wake of sudden depreciation in the value of the rupee against the dollar. Finance Minister Ishaq Dar had termed the depreciation artificial, which was the largest drop in the rupee value in nine years. Previously, Bajwa had served as a director at the SBP and was also a member of the Bank of Punjab’s board of directors.

Published in Daily Times, July 25^th 2017.