Dr Ishrat Hussain given 3-year extension as State Bank of Pakistan governor

ISLAMABAD (November 12 2002) : President Pervez Musharraf has approved three-year extension for Dr Ishrat Hussian as Governor, State Bank of Pakistan, which the Finance Ministry would notify within a day. This decision was taken to ensure the continuity of reforms and consistency of policies.

Dr Ishrat rejoined public sector as Governor SBP in December 1999 just after the military took over. The build-up of forex reserves is considered to be the best achievement of this government and of the central bank. The other schemes to appease overseas Pakistanis were foiled by the Customs officials; otherwise a big chunk of Pakistanis was available to invest here after stability of rupee.

After years of depreciation, the rupee saw a period of stability and confidence in domestic currency was established as the glitter in economy faded. The rupee is now getting stronger and stronger.

President Musharraf had visited the Bank office and appreciated the SBP officials instrumental in enhancing performance and forex reserves.

After doing his M Sc Chemistry, Dr Ishrat started his career in government from the district management group (DMG) and then went to earn his Ph D from Boston University, USA, in economics. Later he joined World Bank. At the Bank his last assignment was working at Central Asian States (CAS) desk.

His stay at the SBP is laden with a number of speedy reforms including more comprehensive SBP annual report, overall restructuring of the central bank' s regulatory work, separation of monetary policy regulation and currency notes operations and setting up of SBP Banking Service Corporation. This Corporation takes care of public dealing.

Observers say that his tenure at SBP is better in comparison to previous governors.

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